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Measuring host country risk in CDM and JI projects: a composite indicator

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  • ROBERT OLESCHAK
  • URS SPRINGER

Abstract

What are the risks associated with Clean Development Mechanism (CDM) and Joint Implementation (JI) projects and how do these risks vary between countries? A composite indicator is presented for guiding procurement decisions in the carbon market and representing host country risks in emissions trading models. The indicator contains variables from a broad range of sources measuring the institutional environment for the Kyoto mechanisms, the regulatory environment, and the economic environment. Based on the indicator scores for 143 countries, rankings are produced for CDM and JI host countries. The host country risks of investing in JI projects are lowest in New Zealand, Denmark and Sweden. At the top of the CDM ranking are India, China, Mexico, Brazil and Chile. These results are similar to other rankings for CDM host countries, but not for JI host countries. This is due to the fact that-unlike other rankings-the mitigation potential is not taken into account.

Suggested Citation

  • Robert Oleschak & Urs Springer, 2007. "Measuring host country risk in CDM and JI projects: a composite indicator," Climate Policy, Taylor & Francis Journals, vol. 7(6), pages 470-487, November.
    • Handle: RePEc:taf:tcpoxx:v:7:y:2007:i:6:p:470-487
    DOI: 10.1080/14693062.2007.9685671
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    References listed on IDEAS

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    1. Giuseppe Nicoletti & Stefano Scarpetta & Olivier Boylaud, 2000. "Summary Indicators of Product Market Regulation with an Extension to Employment Protection Legislation," OECD Economics Department Working Papers 226, OECD Publishing.
    2. Larson, Donald F. & Parks, Paul, 1999. "Risks, lessons learned, and secondary markets for greenhouse gas reductions," Policy Research Working Paper Series 2090, The World Bank.
    3. World Bank, 2005. "Global Development Finance 2005 : Mobilizing Finance and Managing Vulnerability, Volume 2. Summary and Country Tables," World Bank Publications - Books, The World Bank Group, number 8136.
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    1. 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.
    2. Papapostolou, Aikaterini & Karakosta, Charikleia & Nikas, Alexandros & Psarras, John, 2017. "Exploring opportunities and risks for RES-E deployment under Cooperation Mechanisms between EU and Western Balkans: A multi-criteria assessment," Renewable and Sustainable Energy Reviews, Elsevier, vol. 80(C), pages 519-530.
    3. Sreekanth, K.J., 2016. "Review on integrated strategies for energy policy planning and evaluation of GHG mitigation alternatives," Renewable and Sustainable Energy Reviews, Elsevier, vol. 64(C), pages 837-850.
    4. Hultman, Nathan E. & Pulver, Simone & Guimarães, Leticia & Deshmukh, Ranjit & Kane, Jennifer, 2012. "Carbon market risks and rewards: Firm perceptions of CDM investment decisions in Brazil and India," Energy Policy, Elsevier, vol. 40(C), pages 90-102.
    5. Schneider, Malte & Holzer, Andreas & Hoffmann, Volker H., 2008. "Understanding the CDM's contribution to technology transfer," Energy Policy, Elsevier, vol. 36(8), pages 2920-2928, August.
    6. Cormier, Alain & Bellassen, Valentin, 2013. "The risks of CDM projects: How did only 30% of expected credits come through?," Energy Policy, Elsevier, vol. 54(C), pages 173-183.
    7. Teresia Rindefjäll & Emma Lund & Johannes Stripple, 2011. "Wine, fruit, and emission reductions: the CDM as development strategy in Chile," International Environmental Agreements: Politics, Law and Economics, Springer, vol. 11(1), pages 7-22, March.

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