Further Projects signed under NorCaP
A second Call for Proposals (CfP2) under the NEFCO Norwegian Carbon Procurement Facility (NorCaP) has resulted in the signing of five new projects. The projects are located in Brazil and South Africa, with an estimated delivery of 7.6 million CERs.
CfP2, which was a joint Call for Proposals for Norway’s procurement under the NEFCO Carbon Fund (NeCF) and NorCaP, closed on 5 December 2014. Several other projects, including a number of Programmes of Activities have been short-listed, but are still under evaluation. These projects are mainly located in least developed countries in sub-Saharan Africa and Asia.
Out of NorCaP’s target of some 30 million CERs by 2020, some 26 million CERs have to date been contracted from 15 projects (including these five new projects).
Norway, through the Ministry of Climate and Environment, has recently launched a bilateral procurement programme. Further details are available at www.carbonneutralnorway.no
Information for Editors:
The Norwegian Carbon Procurement Facility (NorCaP) was established by the Norwegian Government in September 2013, with Nordic Environment Finance Corporation (NEFCO) as the Facility Manager. The principal objective of NorCaP is to prevent the reversal of emission reduction activities by procuring credits from projects whose survival or continued emission reductions depend on a higher carbon price than achievable under current market conditions (“vulnerable projects”). NorCaP targets some 30 million plus of emission reductions by 2020, of which the 15 projects contracted to date account for over 26 million.
The first call for proposals under NorCaP closed in January 2014. A total of 18.86 million CERs have been contracted from 10 projects or bundles of projects at an average price of € 2.19/CER. The contracted projects were selected from 232 project proposals submitted. The key criteria for the selection were vulnerability and cost effectiveness.
The second call for vulnerable project proposals under NorCaP launched in 2014 resulted in 112 project proposals that passed the automatic pre-screening for compliance with the eligibility criteria from 27 countries, in total accounting for 99.2 million carbon credits offered. Of this, 18 project proposals were Programmes of Activity (PoA), with the remainder being stand-alone Clean Development Mechanism (CDM) projects and bundles thereof.
For further information:
Ash Sharma, Facility Manager, NorCaP, NEFCO ash.sharma [at] nefco.fi +358 400 811 327
Lia Oker-Blom, Communications Officer, NEFCO, lia.oker-blom [at] nefco.fi +358 50 325 6610