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Sasa Eichberger
The Austrian JI/CDM Programme
Status, Experience, Outlook
Moscow, 29 April 2008
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Austrian JI/CDM Programme
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I. Introduction to the Austrian JI/CDM Programme
II. Experience 2007
III. Outlook 2008
IV. Summary and Closing
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Introduction to the Austrian JI/CDM Programme
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Kommunalkredit Public Consulting (KPC)
Employees: 49
100% daughter company of Kommunalkredit
Austria AG: Austrian bank specialized in public
finance in Austria and CEE
Vienna
Management of the Austrian JI/CDM-Programme
since 2003, Fund Volume EUR 399 million
Management of the Federal Environmental
Support Schemes in Austria and for projects abroad
since 1993
Kommunalkredit Group
Tuerkenstrasse 9, 1092 Vienna
Management of the Austrian Climate and Energy Fund since 2007
Cooperation with CEE Region on behalf of Austrian Development Agency since
1994, renewed 2007
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Austrian JI/CDM Programme - Overview
Federal Minister
Republic of Austria
of Agriculture, Forestry,
Environment and Water
Management
Federal Ministry of Agriculture,
Forestry, Environment and Water
Management
Recommendation
Austrian JI/CDM
Commission
Approval
EUR 399 Mio.
Application
Current Portfolio
Current Portfolio
Management of Austrian JI/CDM Programme by KPC
Sourcing of eligible projects
ERPA Administration
Type
Funding Contracts for Project Development
Monitoring
Negotiation and Conclusion of ERPAs
Payment on Delivery
15 JI
35 CDM
Recommendation to Austrian JI/CDM Commission
max. 50% Prepayment
Marketing & Stakeholder Relations
Risk Management
Volume Target (2008-2012):
Individual
JI/CDM Projects
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9,8 Mio.
22,0 Mio.
31,8 Mio.
3 Facilities
CO2e
45 Mio. t CO2e
Carbon
Facilities/Funds
Volume (t CO2e)
GIS
1 Fund
5,45 Mio. t
USD 5,00 Mio.
Austrian JI/CDM Programme
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Regional distribution of Project Pipeline
161 projects as of 1 January 2008
Ukraine
9%
Other JI
2%
Vietnam
6%
Russia
9%
Africa
6%
Asia Baltic States
2%
4%
Central & Eastern
Europe
11%
Other CDM
6%
Latin America
4%
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India
13%
China
28%
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Memoranda of Understanding – MoU
Competence:
Austrian Federal Minister of Agriculture,
Forestry, Environment and Water Management
& Host Country Ministry
Aim:
Basic agreement on co-operation
Facilitation of project implementation
Contents:
Prioritised project categories
Basic agreement on transfer of CERs & ERUs &
AAUs
23 signed: Argentina, Bolivia, Bulgaria, China, Colombia, Czech Republic,
Ecuador, Estonia, Ethiopia, Ghana, Hungary, Indonesia, Latvia, Mexico,
Mongolia, Morocco, New Zealand, Peru, Phillipines, Romania, Slovakia, Tunisia,
Vietnam.
under negotiation/in preparation: Brazil, Chile, Russia, South Africa, Ukraine, ...
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Experience 2007
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Market 2007
Joint Implementation
Russian approval procedure in place
JI host countries within EU busy with NAPs, EU-ETS and GIS, JI
potential decreasing, potential left for sectors not covered by EU-ETS
Main competitors governmental programmes, Japanese companies
active in compliance and voluntary market
Increased purchasing targets for governmental purchasers
Track 2 under JISC proved to be successful and receives confidence
Determination of JI projects is still very time-consuming
Further market development (track 1 eligibility, GIS)
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JI Market 2007
Regional Experience
Russia
- Increased interest from Russian companies in JI
- Large utilities are preparing project pipeline and own tender procedures
- Competition from large banks and funds
Ukraine
- Prepayment still important but difficulties to obtain bank guarantee
- Successful financial closing achieved for some of our projects
Other JI Region
- Slow approval process, focus on EU-ETS and GIS
- Decreased interest in JI from host countries and companies
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Market 2007
Clean Development Mechanism
China dominant in number and volume of new Projects
India dominates issued CER market
Trading in secondary CER market, structured products
Increased purchasing targets for governmental purchasers
Main competitors corporate compliance buyers, funds and strategic
investors
First year of CER deliveries allows closer look at project performance
Additionality has become the issue at UNFCCC level
Project Quality (large hydros etc.) gets more attention
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CDM Market 2007
Regional Experience
China
- Sellers look for a stable partner, multiple projects with one partner
- Governmental background is an asset
- Buyers requested to cover project development costs
- More and more brokered transaction
India
- CERs sold off in single tranches after issuance, some Projects offered on
forward basis in advanced stages, very high price expectations
- New Programmatic Approaches supported by government
LATAM
- High price expectations
- Many international brokers and big aggregators (also from US)
- Project financing remains a problem for remaining projects
South East Asia
- Lots of project potential, Japan is dominant
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Austria and CDM in Africa
African Initiative launched beginning of 2007
Identification of four target countries which are supported with extra
funds: Ghana, Ethiopia, Uganda, Tanzania
Signing of MoU with Ghana and Ethiopia
Increased funding for project development (PIN/PDD) for all African host
countries provided by Environmental Ministry
First projects are under development in Madagascar (small hydro),
Tanzania (small hydro and CHP) and Uganda (small hydro)
Most local interest in landfill gas and biodiesel
South African market is the most mature (lots of local expertise)
Lack of equity and debt financing most imminent problem
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Project Performance of Austrian Portfolio
First CERs Delivered in March 2007
10 projects have delivered in 2007
- 6 China, 3 India, 1 Egypt
- total volume delivered approx. 1 Mio. t
More than 90% of contracted CERs have been delivered out of those 10
projects (compared to contract value not PDD value!)
Projects that have delivered show good performance, however there are
some projects with delays on the way to physical implementation
Approx. 2-3 months delay compared to first scheduled date of delivery
(mostly caused by delays in verification & certification)
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Outlook 2008
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Our Strategy for 2008
Sourcing Strategy
Larger volumes, bundling of smaller projects
Based on forward ERPA at early to medium project development stage
Participation in tenders also in JI
Even more emphasis on project quality!
Follow-up projects with established partnerships
Green Investment Schemes
Replacement Strategy
Replacement Strategy will be defined based on further experience with
performance
Participation also in secondary market
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Focus Area 2008
Green Investment Schemes
Austria will be eligible under Art. 17 in April 2008
All national legislation in place
First negotiations with potential host countries have started end of 2007
Signing of MoUs with host countries to facilitate GIS
Volume target of approx. 10% of total purchasing target
2-3 transactions envisaged
Focus on renewable energy and energy efficiency
GIS structure includes a certain part of soft greening measures, focus
on hard greening with project-based and programmatic approach
(environmental support schemes)
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Focus areas 2008
JI and CDM
Joint Implementation
Russia and Ukraine as major markets
Participation in tenders from large utilities
Establishment of Strategic Partnerships
KPC is represented with a branch in Moscow
Clean Development Mechanism
China and Asian region as major market
Central Asia as new market
Follow-up projects within established partnerships
Continued Austrian initiatives in Africa
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Summary & Closing
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Your benefits
Support in project development by network sharing
Local knowledge through our team of experts
Long term experience in the carbon market
One of the largest governmental buyers
Optimal transaction structures and tailored ERPAs
Long term co-operation with reliable partners
We are looking forward to cooperating with you!
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Austrian JI/CDM Programme
www.ji-cdm-austria.at
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