Dr Rieks Bosch, Climate Adaptation Advisor, Dutch Green Business, when reflecting on carbon financing in Central Asia, said that carbon credits alone do not allow enough for investment at present.
He noted that Central Asian countries need a combination of social and ecological credits to reach over 10 USD/ton (up to 20 USD/ton).
“For implementation, indicative at least 4 USD/ton per year and budget for a first investment. For risk spread of carbon loss - parallel projects of little different orientations or locations. Investment money needed or land rent, soil inventory, planting, monitoring, investment in equipment/facilities, care, Accreditation (USD 40.000)”, said Dr Rieks Bosch at the CACCC-2024 Panel Session “Climate capacity, innovation and financing: needs and opportunities”.
He noted that the voluntary carbon market offers opportunities for carbon financing where carbon sequestration takes place while access to compliance and other markets is under development.
“Bridge is needed between local implementation, national coordination, governmental support and international financing”, said Rieks Bosch.
“Carbon sequestration level in Central Asia is low but the territories are large and in the hand of limited stakeholders, which is reducing the cost”, summed up Rieks Bosch.
The Central Asia Climate Change Conference (CACCC-2024) is organized by the Regional Environmental Centre for Central Asia (CAREC) within the “Climate Adaptation and Mitigation Program in the Aral Sea Basin AF” (CAMP4ASB AF), Central Asia Water and Energy Program (CAWEP), and Deutsche Gesellschaft für Internationale Zusammenarbeit (GIZ) GmbH, in cooperation with The Global Partnership for Sustainable and Resilient Landscapes (PROGREEN), NDC Partnership (NDCP), Coalition for Capacity on Climate Action (C3A), Asia Development Bank (ADB), Asia Development Institute (ADBI), International Organization for Migration (IOM), International Federation of Red Cross and Red Crescent Societies (IFRC), SWITCH-Asia— a programme funded by the European Union, the Kazakh-German University (DKU), Green Academy along with valuable support provided from other partners.
The CAMP4ASB AF project is implemented by CAREC together with EC IFAS with the financial support of the World Bank and the Green Climate Fund.
The Central Asia Water and Energy Program (CAWEP) is a partnership between the World Bank, the European Union, Switzerland, and the United Kingdom aimed at creating conditions for improving water and energy security at the regional level and in beneficiary countries in a changing climate.
For more information, please contact Irina Bekmirzaeva, Climate Change and Sustainable Energy Programme Manager/CAMP4ASB Project Coordinator, at ibekmirzaeva@carececo.org