Modalities And Procedures For Afforestation And Reforestation Under The

Unlike abatement measures that prevent the release of CO2e to the atmosphere, there is a risk that carbon storage in forestry projects will be released back into the atmosphere at any stage of the project, thus reversing the climate benefit achieved. This can occur deliberately through harvesting or inadvertently through fire, pests or unlawful clearing.

The type of CER chosen in developing A/R projects under the CDM, whether temporary (tCER) or long-term (ICEr) (UNFCCC, 2004), must remain fixed for the project's duration, including project renewal. These CERs, each equal to one tonne of CO2e removed, may be used by an Annex B country for achieving compliance with its cap in the commitment period in which they are issued. The possibility of reversal is taken account of in the CDM by rules that A/R projects must be verified and CERs replaced at project expiry. TCERs expire at the end of the commitment period for which they were issued and must be replaced either by other tCERs or other Kyoto Units (AAUs, RMUs, ERUs, CERs) (see note 2). The crediting period for lCERs can be carried over to subsequent commitment periods, having a duration of 20 years with two renewal periods possible for a total of 60 years to expiry. At their expiry, at the end of the commitment period for which they were issued, lCERs they must be replaced by other Kyoto Units (CERs, AAUs, ERUs, RMUs) but not by other lCERs (UNEP Risoe, 2008a). The quantity of CERs issued in each period is the verified cumulative tonnes of CO2e removed above baseline. The timing of the first verification is optional but thereafter is fixed at five-year intervals: see Figure 2.5a. The quantity of lCERs issued is the tonnes of CO2e removed since the verification five years previously: see Figure 2.5b. 2

The procedures for dealing with losses and harvesting in tCERs and lCERs in A/R are illustrated in Figures 2.5c, 2.5d and 2.5e.

The cost involved in replacement means that forestry credits will always be lower in price than non-expiring credits of AAUs, RMUs, ERUs, and CERs. The next section deals with the valuation of temporary CERs and the choices facing developers.

Notes:

TCERs expire at the end of the commitment period for which they were issued. The timing of the first verification is optional but thereafter verification must be at 5-year intervals.

R = Project Registration

V1-V4 = Project Verification

E = Project end

+ = Quantity of tCERs

+ = Lifetime of tCERs

Notes:

TCERs expire at the end of the commitment period for which they were issued. The timing of the first verification is optional but thereafter verification must be at 5-year intervals.

R = Project Registration

V1-V4 = Project Verification

E = Project end

+ = Quantity of tCERs

+ = Lifetime of tCERs

Source: After Locatelli and Pedroni (2006: Figure 3).

Figure 2.5a Temporary CERs (tCERs ) in afforestation and reforestation

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