Energy and Climate Change in Europe & CIS

Climate change has emerged as one of the most important issues facing the global community today. It is expected to pose a serious threat to development and poverty reduction, and the effects will be felt most strongly by the poorest people in the least developed countries, who rely on the natural environment for their livelihoods. In response, the UNDP, under its commitment to promoting sustainable development while recognizing the potential of greenhouse gas emission reduction projects to sustainable development, has established the MDG Carbon Facility. It will provide access to carbon finance to currently under-represented developing countries with “pre-market” environments and to promote carbon projects which contribute to the MDGs, yielding sustainable development benefits.

 

There is low awareness and understanding of carbon finance in Central and South Eastern Europe. These countries are often referred to as those in the “pre-market” phase. Many of these countries limited to little carbon finance projects. This is mainly due to the lack of information and infrastructure. It is difficult for investors to set up carbon finance projects, when precedents and the institutions are not there to support or even access a project.

 

Buffeting the impacts of climate change and establishing more sustainable and less GHG intensive development paths will be the basis of these programs. Specifically, the “Facility” aims to broaden access to carbon finance by enabling a wider range of transition economies to participate, particularly those countries which are under-represented, and the promotion of emission reduction projects which contribute to MDG’s yielding additional sustainable development and poverty reduction benefits. UNDP will mobilize carbon finance and direct this towards developing a portfolio of projects that yield tangible sustainable development and poverty reduction benefits across a diverse group of developing countries.

 

 

MDG Portfolio: Portfolio is Under Development

 

Info for Project Proponents: For full information please refer to the global MDG page: