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            <div class="clearfix text-formatted field field--name-field-body field--type-text-long field--label-hidden field__item"><h1>About the Project</h1>

<p>The European Bank for Reconstruction and Development (EBRD) together with financial backing from the Spanish Government through the Climate Change Office ("Oficina Española de Cambio Climático" - OECC) is supporting the transition to low carbon economies in the Southern and Eastern Mediterranean (SEMED) region with the launch of a new series of market-based programmes to reduce carbon emissions. These Integrated Carbon Programmes (<span><span lang="EN-US" xml:lang="EN-US"><span>ICPs) are comprehensive packages that include technical assistance, policy dialogue and capacity building in carbon markets, and financing instruments for emission reduction projects.</span></span></span> </p>

<p> </p>

<p>The project “<strong>Developing and Transacting an Up Scaled CDM-based Carbon Credit Approach in SEMED</strong>” is developed under an ICP funded by the Spanish Government and seeks to identify an approach for the design and implementation of an up scaled crediting mechanism, including a selection of potential renewable energy pilot projects in the SEMED region, which in the EBRD context comprises Morocco, Jordan, Egypt, and Tunisia.</p>

<p> </p>

<p>The overall goal of the project is to monetise greenhouse gas (GHG) emissions pre-2020 and pilot a carbon crediting mechanism under Article 6 of the Paris Agreement, contributing to the respective policy dialogue at the United Nations Framework Convention on Climate Change (UNFCCC) level. In addition, this project will also provide technology transfer opportunities by bringing together project sponsors, technology providers, and financial institutions.</p>

<p> </p>

<p>The project consists of four main components:</p></div>
      
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            <div class="field field--name-taxonomy-term-title field--type-ds field--label-hidden field__item"><h2>
  Carbon Programme
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            <div class="clearfix text-formatted field field--name-description field--type-text-long field--label-hidden field__item"><p>Represents the core component of the proposed scaled-up crediting mechanism and it is based on a baseline and crediting approach to <strong>fulfil</strong><strong> the requirements of issuing carbon credits pre-2020</strong>, as well as its opportunity of recognition under the Paris Agreement framework and demand for carbon credits post-2020.</p></div>
      
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  Policy
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            <div class="clearfix text-formatted field field--name-description field--type-text-long field--label-hidden field__item"><p>Seeks to ensure the long-term sustainability of the crediting mechanism by <strong>aligning it with post-2020 domestic climate strategies and targets as defined in the Nationally Determined Contributions (NDC)</strong> of each host country of the SEMED region, as well as the development at the international climate policy level, especially in relation to Article 6 of the Paris Agreement and other relevant initiatives.</p></div>
      
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  Finance
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            <div class="clearfix text-formatted field field--name-description field--type-text-long field--label-hidden field__item"><p>Proposes to <strong>address upfront investment barriers</strong> through existing EBRD funding programmes and combine them along with carbon credit purchase transactions through Spain.</p></div>
      
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  Technology transfer
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            <div class="clearfix text-formatted field field--name-description field--type-text-long field--label-hidden field__item"><p>This component aims at <strong>enabling technology transfer for the renewable energy sector </strong>while making use of innovative approaches such as automated, remote Monitoring, Reporting and Verification (MRV) systems to reduce transaction costs.</p></div>
      
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            <div class="clearfix text-formatted field field--name-field-body field--type-text-long field--label-hidden field__item"><p>Completion of this project is 3 years and will target audiences such as local stakeholders, project developers, technology providers, government officials, policy makers and the general public.</p>

<p> </p>

<p>The project will be developed by a consortium led by South Pole Group together with INCLAM CO2, Typsa, Aenor, Enviro Consulting International (ECI) and the Egypt National Cleaner Production Centre (ENCPC), and supported by an advisory committee comprising the EBRD, OECC, and experts in the field.</p></div>
      
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