NEFCO Norwegian carbon funds contract four Sub-Saharan African projects
Contracts with four additional projects have been signed from the joint second Call for Proposals (CfP2) under the NEFCO Norwegian Carbon Procurement Facility (NorCaP) and the NEFCO Carbon Fund (NeCF). These Clean Development Mechanism projects, including three Programmes of Activities (PoAs), are located in Nigeria, Malawi, Sudan and Democratic Republic of Congo.
With these projects, the portfolio of 17 projects meets NorCaP’s target of some 30 million tCO2e emission reductions by 2020 to be used by Norway in the second commitment period of the Kyoto Protocol (2013-2020).
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 of emission reductions by 2020.
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 eligible project proposals from 27 countries, in total accounting for 99.2 million carbon credits offered. Of this, 18 project proposals were PoAs, with the remainder being stand-alone Clean Development Mechanism (CDM) projects and bundles thereof.
The average price of the contracted NorCaP portfolio is € 2.23 per CER and the weighted average is € 2.20 per CER. To date 3.3 million CERs have been delivered through this facility.
Norway, through the Ministry of Climate and Environment, has launched a separate bilateral procurement programme. Further details are available at www.carbonneutralnorway.no
For further information:
Ash Sharma, NorCaP Facility Manager, 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