Albania

UNDP helps Albania boost green investment

UNDP and the Albanian government have signed a new initiative aimed at encouraging investment to reduce greenhouse gas emissions and fund sustainable development.

Gülden Türköz-Cosslett, UN Resident Coordinator and UNDP Resident Representative, and Lufter Xhuveli, Minister of Environment, Forests and Water Administration agreed the new project, Building Capacities to Access Carbon Finance in Albania, at a signing ceremony in Tirana on 6 July.

Funded by the Governments of Austria and Albania as well as UNDP, the project provides technical assistance to the Albanian government to develop its capacities for accessing green investments through the Clean Development Mechanism (CDM) of the Kyoto Protocol.

Albania has great potential for cost-effective reduction of greenhouse gas (GHG) emissions, most of which are generated by an outdated and inefficient energy sector. Albania has relatively unexploited sources of renewable energy, both solar and hydro, and due to its proximity to the European Union, electricity interconnectedness with European grids and EU integration prospects could create market advantages if Albania increases its capacity to deliver CDM projects.

Under the CDM, developing countries that reduce greenhouse gas emissions and promote investments that bring sustainable development are entitled to receive certified emission reduction credits that can be sold. To cover a portion of their emission-reduction commitments under the Kyoto Protocol, developed countries can then purchase these credits.

With the ratification of the Kyoto Protocol in June 2005, Albania became eligible to host CDM projects. Albania’s first CDM project will be registered soon, upon funding by the Bio-carbon Fund of the World Bank. The project will help improve the environment and social life of 25 communities in Albania by natural regeneration of forests, generating carbon credits, which can then be sold.

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