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The investment climate for climate investment: Joint Implementation in transition countries

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  • Samuel Fankhauser
  • Lucia Lavric

Abstract

Transition countries are expected to become important players in the emerging market for greenhouse gas emission reductions, as they can cut emissions at a relatively low cost. However, the attractiveness of the region as a supplier of emission reductions will not only depend on its cost advantage. It will also depend on the business climate offered to carbon investors-factors like a well-functioning legal and regulatory system, economic and political stability and the capacity to process emission reduction projects efficiently. This paper looks at the carbon investment climate in the transition countries eligible for Joint Implementation (JI)-Russia, Ukraine, Croatia and the EU accession countries. It concludes that JI investors will face a clear trade-off between the scope for cheap JI on the one hand, and the quality of the business environment and JI institutions on the other. The countries with the highest potential for cheap emission reductions also tend to be the countries with the most difficult business climate and the least institutional capacity for JI. The most attractive JI locations may be median countries with a reasonable JI potential and an acceptable business climate, such as Bulgaria, Romania and the Slovak Republic.

Suggested Citation

  • Samuel Fankhauser & Lucia Lavric, 2003. "The investment climate for climate investment: Joint Implementation in transition countries," Climate Policy, Taylor & Francis Journals, vol. 3(4), pages 417-434, December.
    • Handle: RePEc:taf:tcpoxx:v:3:y:2003:i:4:p:417-434
    DOI: 10.1016/S1469-3062(03)00050-0
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    Citations

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    Cited by:

    1. Lubomir Nondek & Anne Arquit Niederberger, 2004. "Statistical analysis of CDM capacity-building needs," Climate Policy, Taylor & Francis Journals, vol. 4(3), pages 249-268, September.
    2. Christoph Böhringer & Andreas Löschel, 2008. "Climate Policy‐induced Investments in Developing Countries: The Implications of Investment Risks," The World Economy, Wiley Blackwell, vol. 31(3), pages 367-392, March.
    3. Winkelman, Andrew G. & Moore, Michael R., 2011. "Explaining the differential distribution of Clean Development Mechanism projects across host countries," Energy Policy, Elsevier, vol. 39(3), pages 1132-1143, March.
    4. Zhao, Xingshu & Michaelowa, Axel, 2004. "CDM Potential for Rural Transition in China Case Study: Options in Yinzhou District, Zhejiang Province," Discussion Paper Series 26152, Hamburg Institute of International Economics.
    5. Teresa Pakulska, 2021. "Green Energy in Central and Eastern European (CEE) Countries: New Challenges on the Path to Sustainable Development," Energies, MDPI, vol. 14(4), pages 1-19, February.
    6. Alfred D. Byigero & Joy Clancy & Margaret Skutsch, 2010. "CDM in sub-Saharan Africa and the prospects of the Nairobi Framework Initiative," Climate Policy, Taylor & Francis Journals, vol. 10(2), pages 181-189, March.
    7. Korppoo, Anna, 2005. "Russian energy efficiency projects: lessons learnt from Activities Implemented Jointly pilot phase," Energy Policy, Elsevier, vol. 33(1), pages 113-126, January.
    8. Nijnik, Maria & Bizikova, Livia, 2008. "Responding to the Kyoto Protocol through forestry: A comparison of opportunities for several countries in Europe," Forest Policy and Economics, Elsevier, vol. 10(4), pages 257-269, February.
    9. Sawhney, Aparna & Rahul, M., 2014. "Examining the regional pattern of renewable energy CDM power projects in India," Energy Economics, Elsevier, vol. 42(C), pages 240-247.
    10. Jung, Martina, 2006. "Host country attractiveness for CDM non-sink projects," Energy Policy, Elsevier, vol. 34(15), pages 2173-2184, October.
    11. Pettersson, Fredrik, 2007. "Carbon pricing and the diffusion of renewable power generation in Eastern Europe: A linear programming approach," Energy Policy, Elsevier, vol. 35(4), pages 2412-2425, April.
    12. Zhao, Xingshu & Michaelowa, Axel, 2004. "CDM Potential for Rural Transition in China Case Study: Options in Yinzhou District, Zhejiang Province," HWWA Discussion Papers 291, Hamburg Institute of International Economics (HWWA).
    13. Maria Garbuzova & Reinhard Madlener, 2012. "Towards an efficient and low carbon economy post-2012: opportunities and barriers for foreign companies in the Russian energy market," Mitigation and Adaptation Strategies for Global Change, Springer, vol. 17(4), pages 387-413, April.
    14. Zhao, Xingshu & Michaelowa, Axel, 2006. "CDM potential for rural transition in China case study: Options in Yinzhou district, Zhejiang province," Energy Policy, Elsevier, vol. 34(14), pages 1867-1882, September.
    15. Xie, Huiming & Shen, Manhong & Wang, Rui, 2014. "Determinants of clean development mechanism activity: Evidence from China," Energy Policy, Elsevier, vol. 67(C), pages 797-806.

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