 accelerating carbon market development in southern and eastern mediterranean countries semed  accelerating carbon market development in southern and eastern mediterranean countries semed admin thu 10122017 1342 the european bank for reconstruction and development ebrd with financial backing from spain is supporting the transition to low carbon economies in the southern and eastern mediterranean semed region with the launch of a new series of marketbased programmes to reduce carbon emissions the ebrd s carbon crediting approach in semed will promote the development of integrated carbon programs icps for the region which in the ebrd context comprises egypt jordan morocco and tunisia icps are comprehensive packages that include policy dialogue technical assistance carbon pricing for greenhouse gas ghg emission reduction projects and associated resultsbased payments following the successful conclusion of the cop21 paris climate agreement a key focus has been placed on the development of marketbased instruments to help reduce carbon emissions both climate finance and carbon markets are expected to have an important role in delivering the transition to lowcarbon economies the project in semed is the first icp starting to run funded by spain the overall goal of the project is to identify an appropriate approach to put a price on carbon credits resulting from renewable energy projects developed in the region herein including the lessons from the clean development mechanism the 3year long contract has been awarded to a consortium led by the spanish firm inclam co2 and includes partners such as south pole group typsa aenor enviro consulting international eci and the egypt national cleaner production centre encpc the consortium will work in close collaboration with the renewable energy project sponsors authorities in the semed region as well as the spanish climate change office from the ministry of agriculture food and environment of spain the consortium will also be involving experts in climate change renewable energy and carbon markets from across the region and beyond together the consortium will seek to fulfill the goal of the project by developing implementing and purchasing carbon credits from a carbon credit upscaled cdm based approach in the renewable energy sector contributing to and supporting the carbon market development by reviewing the carbon market options including domestic use of carbon credits and development of local capacity in particular in the area of monitoring reporting and verification mrv and in the management of large emission reduction mechanisms contributing to a further development of upscaled cdm based carbon credit instruments such as programme of activities poa cdm or new mechanisms according to the latest international climate policy developments the project is about pre2020 climate action but also aims to contribute to discussions on the design and development of article 6 of the paris agreement media contact  alejandro de juanes project leader alejandrodejuanes inclamco2com 