REEEP to Manage Carbon Offsets for UK Government

At the United Nations Framework Convention on Climate Change (UNFCCC) Conference of Parties 11 (COP11) held in Montreal last week, the Renewable Energy and Energy Efficiency Partnership (REEEP) announced a tender for offsetting 38,730 tons of carbon dioxide (CO2) via Certified Emission Reductions (CER).

The UK Foreign and Commonwealth Office (FCO) committed to pilot a voluntary carbon-offsetting scheme this financial year that will offset selected emissions. The UK FCO has asked the REEEP to propose, develop and pilot this offsetting scheme under the REEEP Finance work stream through the establishment of a REEEP Carbon Offset Mechanism. As part of the Carbon Offset Mechanism, REEEP intends to contract a financial institution (specializing in carbon offsetting) to put together and manage a portfolio of projects that will deliver carbon credits to offset the FCO’s 2004 air travel emissions. The FCO air travel emissions in 2004 were 38,730 tons of CO2 equivalent and the FCO has allocated GBP 200,000 (USD~$346,000) to be invested in projects to offset these emissions. The portfolio should deliver Certified Emission Reductions from the Clean Development Mechanism (CDM) / Joint Implementation (JI) projects with Gold Standard registration; and from the CDM / JI projects (from renewable energy) from Angola, Argentina, Brazil, Cameroon, Caribbean region, China, India, Kazakhstan, Malaysia, Mexico, Nigeria, Russia, South Africa and Thailand. REEEP will provide guidance on the selection of projects. Project activities should cover renewable energy and energy efficiency, and should have additional sustainable development benefits where possible. Forward contracts for CERs, at a defined price, will be made. CERs should be chosen from projects with a high certainty of delivering emission reductions and the contracted financial institution must guarantee delivery of CERs and take the risk of projects failing to provide CERs. The contracted financial institution needs to provide an estimated timetable to indicate when the CERs are likely to be delivered.
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