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Jamaica’s CDM Experience and NAMA Prospects Jamaica’s CDM Experience and NAMA Prospects

Jamaica’s CDM Experience and NAMA Prospects - PowerPoint Presentation

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Jamaica’s CDM Experience and NAMA Prospects - PPT Presentation

Gerald Lindo Ministry of Water Land Environment and Climate Change MWLECC Jamaica The Country Context Small Vulnerable Lots of Potential Small island state High vulnerability to climate change ID: 805521

policy energy projects cdm energy policy cdm projects carbon transaction mitigation costs jamaica project policies capacity emissions trading lindo

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Slide1

Jamaica’s CDM Experience and NAMA Prospects

Gerald Lindo

Ministry of Water, Land, Environment and Climate Change (MWLECC)

Jamaica

Slide2

The Country Context:

Small, Vulnerable, Lots of Potential

Small island state

High vulnerability to climate changeEnergy import dependent91% of energy overall and 94% of electricity fossil fuel based (HFO, Diesel)Mitigation potential low, but mitigation options have excellent economicsHeavily indebted, weak growth

Slide3

Bullish on CDM…

The strong impression among policy makers that there were good financing opportunities in “carbon credits”

Rush of project submissions between 2004-2008

Policies were built with CDM opportunities in mindAug 2008- National Carbon Emissions Trading Policy Halt to new project registration

Sep

2008 -

Policy Task Force

formed

@ Ministry

of Energy and Mining

Draft

Carbon Trading Policy

prepared June 2009

Energy

and

sub-policies integrated

CC

considerations

Gov’t hired a CDM consultant who was made available to the private sector

Slide4

… until the carbon market bust!

PoA

for utility company designed but abandoned

Over 20 project submissions led to only 2 projects following through – both by Gov’t entityLocked out of ETS, leading to uncertaintyDraft Carbon Trading Policy in limbo

Slide5

Slide6

Wigton

Wind Farm

Two projects from 2 expansion phases

Ref: 0239, 5522Total reductions of 52540 and 40348 T CO2e / yearER purchase agreement with CAF ended 2012Challenge: making verification of latest CERs worth the transaction costsPossibilities: Gold Standard; working through Bunge Emissions Holdings

Slide7

The lessons: better C prices, capacity, lower transaction costs desired

Emission reductions projects still have good returns, but benefits of CDM usually marginal to bottom line

Transaction costs high

Exacerbated by lack of local capacity (all steps of project cycle require importation of expertise)Lack of investor confidence in CDM still needs to be overcomePolicy missteps?Good news: the fundamental economics and benefits of energy projects that reduce emissions have not changed

Slide8

Slide9

1st NAMA(s) will be RE focused

Draft NAMA prepared in collaboration with OLADE: “

Jamaica Renewable Energy Support

Programme” Pre-existing policy target: 20% of energy from RE by 2030Analysis of vision, policies, action plansBarrier analysisInstitutional assessmentEMISSION REDUCTION ANALYSISMRVFinalization by end of Q4, 2014

Slide10

NAMAs = mitigation + development + adaptation = Resilience

Jamaica has a unique opportunity, inasmuch as

ANY

energy sector reform will likely reduce energy costs while giving SD benefits!Lower costsIncreased competitiveness… which equals RESILIENCE!

CDM’s structure and methods brings a discipline and robustness to projects and programmes, which can help us get the help we need

Slide11

How about a RAMA?

To overcome capacity and scale issues, Jamaica is contemplating uniting with regional partners to create Regionally Appropriate Mitigation Actions

Sharing expertise

Larger programmes more attractive to investors, and have lower transaction costs (same rationale for PoAs)

Slide12

Thank you!

g

erald.lindo@mwlecc.gov

gerry.lindo@gmail.com@geraldlindo