Developing Dimension: State of the Voluntary Carbon Markets 2012 Page: 57
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Unlike China or India, where large-scale wind projects were brought online to service the CDM market, Turkey -
which is not a CDM-supply country - finds its only source of offset demand with voluntary buyers. Therefore, the
pressure was on in 2011 to differentiate their projects by diversifying their marketing efforts, emphasizing their
additional contributions to sustainable development and - perhaps most importantly - closely managing existing
relationships with buyers.
"There are approximately 20 Gold Standard wind projects that have issued credits in Turkey, and many more in the
pipeline," points out Yagmur Karabulut from Turkey's Mavi Consultants. Given Turkey's looming and large pipeline of
both wind and hydropower credits, he suggests, "I think the winners are and will be those that have already secured
long-term relationships with buyers who will keep coming back to the same projects every year."
In 2011, Turkey adopted a National Climate Action Plan to apply from years 2012 to 2023. While the plan does not
introduce any carbon market mechanism, a new regulation is valid as of April 2012 that requires big emitters to
monitor, verify, and report (MRV) their emissions starting in 2015-2016. Suppliers express mixed expectations about
the extent to which the policy will raise domestic awareness about offsetting. To date, they report that most
voluntary climate actions undertaken by domestic companies for CSR claims revolve around "physical" activities like
tree planting- and not with the intent to offset emissions.
8.9 Europe: Thinking Loc " Acting Internationally90
1.4 Mt
$9/t -22%Because of the long-standing presence of the EU ETS and broader
Kyoto Protocol commitments in Europe, a report section
describing domestic supply in Europe is bound to be brief. Most
reductions that occur in the region help countries meet their
international commitments and would be "double-counted" if
sold as offsets. For this reason, over the years most EU-based
buyers have shifted their attention elsewhere, transacting the
majority of offsets produced in developing countries - as seen in
Tables 12, 14, and 16. A small volume of Europe-based reductions
thatwere generated before the start of the Kyoto Protocol's Phase
I have continued to transact credits over the years and did so in
2011, too.However, suppliers report that - like other developed regions and
$12m especially in times of economic hardship - European companies
increasingly desire to support projects that are closer to their
30 Mt homes and headquarters. This trend can be seen in the
emergence of programs like the now-operational UK Woodland
Carbon Code; Italy's Carbomark regional voluntary trading
program that is currently under development; and a few other examples of programs that channel domestic dollars
toward local development of clean energy infrastructure and woodland creation.
One such program, the UK Carbon Reporting Framework (UK CRF) matches domestic donors with local projects
pursuing energy efficiency and small renewable energy generation, on the basis of carbon savings - but cautions
donors against making offsetting claims because of the double-counting issue. When British Airways, a co-founder of
the CRF, abandoned its offsetting program in favor of supporting the local project, the news raised a red flag among
UK-based offset retailers. The designers of programs like the CRF point out, though, that in order to meet national
targets, the market determines where least cost reductions can occur and local, pricier opportunities are often
overlooked - hence the need for additional "non-offset-based" domestic programs.
Even as this debate continues, there are limited instances when European projects can generate offsets. For example,
the VCS allows projects in some cases where the project developer can produce documentation stating that theState of the Voluntary Carbon Markets 2012 I 57
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Peters-Stanley, Molly & Hamilton, Katherine. Developing Dimension: State of the Voluntary Carbon Markets 2012, text, May 2012; 1050 Potomac St., NW Washington, DC 20007. (https://digital.library.unt.edu/ark:/67531/metadc226602/m1/75/: accessed April 20, 2024), University of North Texas Libraries, UNT Digital Library, https://digital.library.unt.edu; .