|Policy status:||In Force|
2011 (9 November)
|Policy Type:||Economic Instruments>Market-based instruments, Economic Instruments>Direct investment|
|Climate Change Policy Targets:||Framework/ Multi-sectoral Policy|
|Agency:||Environment Ministry (MINECO); Spanish Bureau for Climate Change|
|Legal References:||Royal decree 1494/2011|
|Climate Change Description:|
In 2004, the Spanish Government approved the creation of a Spanish Carbon Fund that will be managed by the World Bank. The Fund was to purchase around 40% of the total amount of credits Spain aims to purchase from Clean Development Mechanism (CDM) and Joint Implementation (JI) projects. The World Bank will purchase on behalf of Spain 40 million of the 100 million tonnes of carbon dioxide equivalents (MtCO2e) necessary during the 2005-2007 period according to Spains climate strategy, within a total budget of €205 million.
The capital investment consists of €170 million to purchase 34 MtCO2e at a maximum price of €5/tonne. In addition, the fund was to participate in the World Banks Community Development Carbon Fund (CDCF) to obtain four million tonnes for €20 million, and two million tonnes through the Bio Carbon Fund for €10 million. Another 2.5% was destined to the Carbon Finance Asset program.
The 2011 Carbon Fund for a sustainable economy will be devoted to the acquisition of carbon credits under the Kyoto Protocol regime and also in domestic Co2 abatment measures, after verification of CO2 reduction
Last modified: Mon, 06 May 2013 16:14:01 CEST