Markets working to support sustainable development

Economic

(environmental taxation, subsidies, carbon trading, conditional financing)

New South Wales Greenhouse Gas Reduction Scheme (CLOSED)

The Greenhouse Gas Reduction scheme (GGAS) was a cap-and-trade mechanism designed to reduce the greenhouse gas emissions of electricity producers, retailers, high emitting industries and facilities. This included power generators, electricity retailers, large energy users (over 100GWh/year) and ‘market customers’ – facilities such as factories that take electricity supply directly from the national grid. 

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Biodiversity offsets (Conservation Banking)

Biodiversity offsets are a form of conditional environmental financing. Like their more well-known cousin, carbon offsets, various parties (e.g. governments, companies or individuals) look to compensate the damage they cause in one location by benefitting bidoversity somewhere else. 

REDD+ Partnership

Reducing Emissions from forest Degradation and Deforestation (REDD) is a policy measure for mitigating climate change caused by loss of carbon in forest ecosystems. It uses a carbon emissions-offsetting structure that places an economic value on the safeguarding of forest carbon stocks and provides an incentive for investment in sustainabiity. 

About REDD+

At the UNFCCC conference in Poznan, Poland, negotiators reached a consensus that REDD activities should be broadened. The original two aims were to:

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Forest Carbon Partnership Facility (FCPF)

The Forest Carbon Partnership Facility is an initiative hosted by the World Bank and designed to assist ‘tropical and subtropical forest countries develop the systems and policies for REDD+’. REDD is an innovative market-based instrument designed to place value on standing forests and so reduce emissions from forest destruction and deforestation.

The FCPF has two main components:

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REDD+

Reducing Emissions from forest Degradation and Deforestation (REDD) is a measure for mitigating climate change caused by loss of carbon in forest ecosystems. It uses a carbon emissions-offsetting structure that places an economic value on the safeguarding of forest carbon stocks and provides an incentive for investment in sustainabiity. REDD has the potential to be an important mechanisms for climate change mitigation. The IPCC estimates that 17% of total greenhouse gas emissions are caused by deforestation.

REDD+

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ISO 14064-9 Standards

The International Standards Organisation has developed a series of standards that specify principles and requirements for organisations involved in greenhouse gas emission reporting. The ISO standards can be seen as guiding protocols providing general guidelines for the development of other programmes or standards.

The ISO standards relevant to GHG emissions are:

The VER+ Standard

The Voluntary Emissions Reduction VER Standard is for carbon offset projects and has been developed by TÜV SÜD (a German based verification company).

 A number of project types are elgigible for certification, however like the Kyoto mechanisms (Clean Development Mechanism and Joint Implementation) it excludes nuclear power projects and large hydropower projects over 80MW. Hydropower projects over 20MW must conform to requirements of the World Commission on Dams.

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