|Policy Type:||Policy Support, Economic Instruments>Market-based instruments|
|Agency:||Council of the Baltic Sea States|
On 29 September 2003, seven countries of the Baltic Sea Region - Denmark, Finland, Germany, Iceland, Lithuania, Norway and Sweden signed the Regional Testing Ground Agreement for Flexible Mechanisms of the Kyoto Protocol. The agreement aims at stimulating climate investment projects in the Baltic Sea Region in the energy sector. The remaining regional countries are expected to sign at some later date. The Testing Ground Agreement is open to other parties which have adhered to the Kyoto Protocol. Through the implementation of the agreement participants will gain experience, develop methods and procedures, collaborate in addressing administrative and financial barriers, ensure issuance and transfer of greenhouse gas credits, and implement projects early, offering credit. The objectives are to achieve cost-effective reduction in greenhouse gas emissions by international co-operation, and thus reduce the overall cost of achieving the commitments under the Kyoto Protocol. The countries will ensure issuance and transfer of greenhouse gas credits related to or accruing from Joint Implementation projects, facilitate generation, minimise transaction costs, especially regarding small and medium scale JI projects.
Last modified: Tue, 29 Apr 2014 14:27:49 CEST