Submitted by Tatiana Lima (tatianasl@ufba.br) on 2016-10-11T21:17:36Z No. of bitstreams: 1 Gomes, Guineverre Alvarez Machado de Melo.pdf: 3953783 bytes, checksum: d76854e8de457e6bc4fa77c78fe6a562 (MD5) / Approved for entry into archive by Tatiana Lima (tatianasl@ufba.br) on 2017-02-15T19:02:43Z (GMT) No. of bitstreams: 1 Gomes, Guineverre Alvarez Machado de Melo.pdf: 3953783 bytes, checksum: d76854e8de457e6bc4fa77c78fe6a562 (MD5) / Made available in DSpace on 2017-02-15T19:02:43Z (GMT). No. of bitstreams: 1 Gomes, Guineverre Alvarez Machado de Melo.pdf: 3953783 bytes, checksum: d76854e8de457e6bc4fa77c78fe6a562 (MD5) / O mecanismo de Redução de Emissões por Desmatamento e Degradação Florestal (REDD+) surgiu no cenário internacional como uma aposta em enfrentar as mudanças climáticas a partir do setor florestal, um dos importantes setores mundiais de geração de gases de efeito estufa. A lentidão das tomadas de decisão nas Nações Unidas (UNFCCC) fez com que o Mercado de Carbono Voluntário (MCV) se mostrasse como um ambiente mais célere e menos burocrático para desenvolvimento desse modelo. Foi também nesse espaço que outras modalidades de REDD+, além da prescrita na UNFCCC, encontraram espaço para crescer. Contudo, a aprovação das diretrizes internacionais para REDD+ pela UNFCCC em 2013 trouxe questionamentos sobre a harmonização desses dois ambientes, especialmente em países em que eles coexistem, como o Brasil. Isto posto, esta tese parte do seguinte problema de pesquisa: quais os principais desafios para a implementação do REDD+ no Brasil? Assim, objetiva-se, a partir da experiência brasileira, compreender as forças, fraquezas, ameaças e oportunidades para a implementação do REDD+no território nacional. Para tanto, foram definidos os elementos essenciais de REDD+ e empregada uma análise do tipo SWOT para verificar forças, fraquezas, ameaças e oportunidades de cada um dos elementos e de cada uma das modalidades de REDD+. Foram também realizadas pesquisas exploratórias, análise documental e entrevistas. Os resultados encontrados indicam como desafios do REDD+UNFCCC no Brasil posicionar-se sobre as iniciativas subnacionais de REDD+ e aprimorar e coordenar suas estruturas normativa, institucional e tecnológica. Para as atividades-projeto do Mercado de Carbono Voluntário, comprovar a idoneidade do modelo de certificação por terceiros, buscando alternativas para redução dos seus custos, e ampliar e consolidar o envolvimento do setor privado, a geração de cobenefícios e o cumprimento de salvaguardas. Por fim, para o programa jurisdicional brasileiro superar as incertezas sobre sua compatibilidade com o REDD+ nacional e melhorar o arcabouço normativo e institucional de nível subnacional no qual está inserido, para, assim, alcançar o reconhecimento nacional e internacional de seu modelo. / The Reducing Emission from Deforestation and Forest Degradation Mechanism(REDD+) emerged within the international scenario as a bet on tackling climate changethrough the forestry sector, one of the major global industries that generate greenhousegases. The slow pace of decision-making at the United Nations (UNFCCC) has provedthe Voluntary Carbon Market (VCM) to be a faster and less bureaucratic environment forthe development of such model. It was also in this area that other REDD+ arrangements,beside the one prescribed by the UNFCCC, found room to grow. However, the approvalof international guidelines for REDD+ by the UNFCCC in 2013 brought about questionsconcerning the harmonization of these two environments, especially in countries wherethey coexist, like Brazil. That said, this thesis is based on the following researchproblem: what are the main challenges for the implementation of REDD+ in Brazil? Thus,based on the Brazilian experience, the objective is to understand the strengths,weaknesses, threats and opportunities for the implementation of REDD+ in the country.Therefore, the essential elements of REDD+ have been defined and we used a SWOTanalysis to verify strengths, weaknesses, threats and opportunities of each of the elementsand of each REDD+ arrangement. We also held exploratory research, document analysisand interviews. The results indicate that the UNFCCC REDD+ challenges in Brazil arepositioning itself about subnational REDD+ initiatives and improving and coordinatingtheir regulatory, institutional and technological frameworks. As for the Voluntary CarbonMarket activity-project, the challenges are verifying the suitability of the certificationmodel by a third party, seeking alternatives to reduce its costs, and expanding andconsolidating the involvement of the private sector, the co-benefit generation and thecompliance of safeguards. Finally, the Brazilian legal program should overcome theuncertainties regarding its compatibility with the national REDD+ and improve theregulatory and institutional framework, at a sub-national level, in which it is inserted, inorder to achieve national and international recognition for its model.

Submitted by Tatiana Lima (tatianasl@ufba.br) on 2015-12-01T21:11:43Z No. of bitstreams: 1 Paiva, Danielle Soares.pdf: 2826914 bytes, checksum: c693ab7596a89b6c1fccef41de02ce9e (MD5) / Approved for entry into archive by Tatiana Lima (tatianasl@ufba.br) on 2015-12-01T21:17:22Z (GMT) No. of bitstreams: 1 Paiva, Danielle Soares.pdf: 2826914 bytes, checksum: c693ab7596a89b6c1fccef41de02ce9e (MD5) / Made available in DSpace on 2015-12-01T21:17:22Z (GMT). No. of bitstreams: 1 Paiva, Danielle Soares.pdf: 2826914 bytes, checksum: c693ab7596a89b6c1fccef41de02ce9e (MD5) / A mudança climática tem sido um desafio à diplomacia internacional e à governança global do clima, demandando um esforço coletivo entre governos, mercado e sociedade civil, no sentido de buscar alternativas possíveis à mitigação e/ou adaptação ao fenômeno. Até o momento, a maior parte destas estratégias está focada em instrumentos de mercado, operacionalizados no âmbito do mercado global de carbono. Inicialmente utilizado por empresas e indivíduos de países não signatários do Protocolo de Kyoto - como os Estados Unidos – surge o mercado voluntário de carbono tornando-se uma alternativa a critérios rigorosos do mercado regulado de carbono. Assim como o mercado regulado de carbono, os projetos de redução de GEEs desenvolvidos no mercado voluntário de carbono buscam reduzir as emissões de GEEs e promover o desenvolvimento sustentável. Desta forma, esta tese objetiva analisar os cobenefícios em prol do desenvolvimento sustentável, para além da redução de GEEs, dos projetos brasileiros do Mercado Voluntário de Carbono. Para tanto, foram realizadas pesquisas exploratórias, análise documental e estudos de casos ilustrativos, tendo como base a matriz analítica construída a partir de estudos da United Nations Framework Conventions on Climate Change (UNFCCC) sobre cobenefícios oriundos do Mercado Regulado de Carbono. Os resultados encontrados indicam que os projetos de redução de GEEs do mercado voluntário de carbono brasileiro pouco contribuem para o desenvolvimento sustentável, tendo se utilizado na maioria das vezes de tecnologias relativamente simples e convencionais, e raramente beneficiam a comunidade local, gerando poucos cobenefícios “para além dos muros da empresa”. Os cobenefícios econômicos e ambientais são apontados mais frequentemente que os sociais, confirmando o mesmo comportamento dos projetos de mecanismo de desenvolvimento limpo no mundo. Ademais, verificou-se maior potencial de contribuição para aqueles projetos de redução de emissão de GEEs brasileiros desenvolvidos no mercado voluntário de carbono que se utilizaram de padrões de certificação que incluem cobenefícios econômicos, ambientais e sociais na sua avaliação assim como tiveram envolvimento de mais atores no processo de concepção e desenvolvimento do projeto. / Climate change has been a challenge to international diplomacy and global climate governance, requiring a collective effort between government, market and civil society, in order to seek possible alternatives to mitigation and / or adaptation to the phenomenon. To date, most of these strategies is focused on market instruments, operated under the global carbon market. Initially used by companies and individuals from non-signatory countries of the Kyoto Protocol - as the United States - comes the voluntary carbon market becoming an alternative to stringent regulated carbon market criteria. As the regulated carbon market, the GHG reduction projects developed in the voluntary carbon market seek to reduce GHG emissions and promote sustainable development. Thus, this thesis aims to analyze the co-benefits for sustainable development, in addition to the reduction of greenhouse gases, based on the Brazilian projects the Voluntary Carbon Market. The research methodology consists on a exploratory research, with document analysis and illustrative case studies, based on the analytical matrix constructed from studies of the United Nations Framework Conventions on Climate Change (UNFCCC) on co-benefits arising from the regulated carbon market. The results indicate that the Brazilian GHG emission reduction projects in the voluntary carbon market contribute little to sustainable development, having used most often relatively simple and conventional technologies, and rarely benefit the local communities, generating few co-benefits "to beyond the company walls. " The economic and environmental co-benefits are mentioned more frequently than social, confirming the same behavior of the clean development mechanism projects in the world. In addition, there was greater potential to contribute to those Brazilian GHG emission reduction projects developed in the voluntary carbon market which used certification standards including economic co-benefits, environmental and social in their assessment as well as had involvement of more actors in the design process and project development.

Coordenação de Aperfeiçoamento de Pessoal de Nível Superior / This paper presents an approach to electricity generation using biomass from a rice mill as a basis for implementation of a CDM project and negotiation of credits in the carbon market, in a case study. Through which we could observe management strategies and corporate sustainability in waste management. We used personal interviews with those responsible for management and power generation plant at the company in Itaqui Camil Alimentos SA-RS. It was found that the company is self sufficient in electricity which means lower manufacturing costs and increase financial gains by increasing their competitiveness in domestic and international, in addition to the significant social and environmental gains. Competitive factors and business sustainability work together, because the waste generated in the device are used in energy production. We conclude that the carbon market is a good management strategy when the goal is a cleaner energy, minimize waste and increase financial gains. / Este trabalho apresenta um estudo de caso em uma abordagem da geração de energia elétrica utilizando a biomassa proveniente de um engenho de arroz como base da implantação para um projeto de MDL e das negociações dos créditos gerados, no Mercado de Carbono. Através da qual foi possível observar estratégias de gestão e sustentabilidade empresarial na gestão de resíduos. Utilizou-se entrevistas diretas com pessoas encarregadas da gestão e da usina de geração de energia na empresa Camil Alimentos S.A em Itaqui-RS. Foi possível constatar que a empresa é autosuficiente em energia elétrica o que significa diminuir custos industriais e incrementar os ganhos financeiros aumentando sua competitividade no mercado nacional e internacional, além dos significativos ganhos sociais e ambientais. Fatores competitivos e de sustentabilidade empresarial trabalham juntos, pois os resíduos gerados no engenho são utilizados na produção de energia. Conclui-se que o mercado de carbono é uma ótima estratégia de gestão quando o objetivo é uma energia mais limpa, minimizar os resíduos e incrementar os ganhos financeiros.

[pt] A existência de um mercado para reduções de emissões de gases de efeito estufa cria uma nova variável a ser considerada na avaliação econômica de empreendimentos florestais: a absorção de CO2. O seqüestro desse gás gera um fluxo de dividendos que se transforma em uma fonte adicional de receita, influenciando as decisões gerenciais tomadas pelo administrador florestal. O presente trabalho estuda como se dá essa influência sobre o melhor momento de se efetuar o corte das árvores. O empreendimento florestal estudado é uma floresta de eucaliptos, explorada em função de sua madeira e cuja função de crescimento é conhecida. O preço pelo qual pode ser vendida a madeira varia estocasticamente, não podendo ser previsto, enquanto que um certificado correspondendo a uma tonelada de CO2 removido é negociado em um mercado próprio a um preço que é considerado como sendo constante e exógeno. Todos os outros parâmetros envolvidos são constantes e conhecidos. Diante do preço de mercado, incerto, o administrador pode tomar três decisões: derrubar a floresta, esperar ou abandonar o negócio. Devido às características desse tipo de empreendimento, a Teoria de Opções Reais mostrou-se a metodologia mais adequada a ser usada. / [en] The existence of a market for certified greenhouse gases emission reductions creates a new variable to take into account in economical valuation of forest enterprises: the CO2 absorption. The sequestration of this gas generates a dividend flow which becomes an extra revenue, having influence in the managerial decisions taken by the forest manager. This work studies the effects caused by this influence over the optimal rotation age of the stand. The forest studied is an Eucalyptus stand, explored due to its timber and whose growth curve is known. The stumpage price varies stochastically and cannot be predicted, while a certificate corresponding to one ton of sequestered CO2 is traded in a specific market at a price considered constant and exogenous. All the other parameters involved are constant and know. Facing the uncertain stumpage market price, the manager can make three possible decisions: to harvest, wait or abandon. Due to the characteristics of this kind of activity, the Real Options Theory has shown to be the most suitable to be used in this case.

The voluntary carbon market, the area of focus for this thesis, developed alongside the compliance carbon market when individuals and organisations elected to compensate for their CO2 emissions. The steep growth in demand for voluntary carbon offset credits stemmed from the 2015 Paris Agreement. Climate issues were firmly on the agenda and carbon offsetting was viewed as a way for countries to meet their carbon reduction targets in efforts towards mitigating climate change. Since then, there has been a shift to natural climate solutions, namely forestry and land use carbon projects.  The ideal host location for such projects oftentimes have an existing, usually poor, population.  Project developers claim to help such populations by providing community benefits such as job creation and improved agricultural practices.  However, there is a gap in the research which focuses on the future of these communities after the projects, and how sustainable the benefits are.  This thesis examines the community benefits of two REDD+ (Reducing Emissions from Deforestation and Forest Degradation) projects: Alto Mayo Conservation Initiative, Peru and Yaeda Valley REDD Project, Tanzania.  Interviews with project developers are cross-referenced with project documents and other available sources to analyse the sustainability of the livelihood impacts.  The results show that the positive impacts of voluntary carbon projects on a local community can be sustained post-project. Overall, the well-being of community members can improve, as can decision-making skills and capacity levels.  Project participants can become more adaptable to shocks as their livelihoods have diversified and they have stronger links with international markets.  This link with international markets, however, can also become a barrier to livelihood benefits. As local people become reliant on market demand and project funds, they move away from subsistence farming and when demand drops, they may find it hard to prosper.  Additionally, there is a risk that following the departure of the project and its developers, more malevolent and powerful parties may move into the area.  To overcome these barriers, livelihood diversification opportunities need to be strengthened and land tenure issues clarified.

Society is dependent processes that emit greenhouse gases such as carbon dioxide into the atmosphere. The accumulation of these gases in the atmosphere prevents sunlight reflected from earth’s surface to get to space thereby warming the earth and causing climate change. To prevent the effects of adverse climate change, the voluntary carbon market was designed to help buyers, individuals or organizations that cannot avoid emission in their process, purchase carbon credits from sellers, entities whose process prevent or avoid carbon emissions. The voluntary carbon market faces challenges like market fragmentation, opacity of records, and delayed processes due to layers of intermediation and double counting. In an attempt to solve these challenges, blockchain, a ledger technology, has been applied by innovative organizations. This thesis researches the possible roles of trading carbon credits using blockchain based platforms in the voluntary carbon market. Furthermore, this thesis focuses secondarily on how the application could increase supply of carbon credits, influence commitment to net-zero, contribute to production of high-quality carbon credits, and promote fairness in carbon trading. A conceptual framework based upon the Oxford Principles for Carbon Offsetting, Taskforce for Scaling the Voluntary Carbon Market (TSVCM), and the Sustainability Principles was used in this study. Seven organizations were investigated in this study through a first phase of interview and a second phase of survey.The findings suggest that blockchain-enabled carbon trading has the potential to enable market growth, foster systems interactions and transition via information technology, and support opportunities for sustainability in the socio-ecological system. Blockchain also inherits the unsustainability of the overall tech and energy sectors wherein it operates. Weak governance systems off-chain from non-disclosures by market players also risk the market system on-chain to vulnerabilities. The authors conclude that trading carbon credit on blockchain-enabled platforms is a step in the right direction in terms of amplifying the contributions the voluntary carbon markets hold for cutting down carbon emissions. They also acknowledge that the blockchain-carbon credit application does not directly address upstream issues of carbon emission but serves as a mechanism to accelerate decarbonization.

Background: With the tremendous growth of the Green Bond (GB) market, understanding the relationship of the GB market with other financial markets gains importance. The Covid19 pandemic causing a recession in most major economies creates an opportunity to see the co-movements of the GB market with other financial markets under a period of economic crisis. Purpose: This study aims to use the economic contraction catalyzed by the 2020’s Covid-19 pandemic as a means to investigate the co-movements between the GB and the treasury bond, corporate bond, stock, and carbon markets during an economic recession. Through this, we intend to find if co-movements of the GB market have changed, and if so, how. Method: As the collected data is time-series data, Augmented Dickey-Fuller and Ljung-Box tests are utilized for preliminary testing. Thereafter, a univariate-GARCH model is used for volatility modeling. Moreover, the DCC-GARCH model has been conducted to determine the co-movements between the markets. Conclusion: The results of the study show that in the case of GB, treasury, and corporate bond markets, no considerable changes were observed in the co-movement among the two different sample periods. Moving to the stock and GB markets, it was found that the co-movement increased at the beginning of the crisis. However, for the whole crisis period, no substantial changes can be seen in comparison to the pre-crisis period. Furthermore, the co-movement between the two markets was found to be weak in general. Moving on to the results obtained for GB and carbon markets, at the start of the crisis, a sharp fall can be observed. When compared to the pre-crisis period, the co-movement showed a slight increase, yet very weak. Furthermore, it was observed that the co-movement between the two markets has been weak during the whole sample period.

[pt] A recente entrada em vigor do Protocolo de Quioto e as pesadas multas impostas às empresas européias que não conseguirem reduzir as suas emissões de CO2, fazem do mercado de carbono uma realidade na América Latina. O Brasil se destaca como um dos países de maior potencial para exportar créditos de carbono no mundo, em grande parte, devido ao seu potencial para produzir energia elétrica a partir de fontes renováveis. Entretanto, a real atratividade desse negócio ainda é desconhecida no âmbito do setor elétrico brasileiro, tanto pela dificuldade encontrada para se estimar a sua produção efetiva de créditos de carbono, quanto pelo não reconhecimento das flexibilidades gerenciais embutidas neste mercado. Neste contexto, o objetivo principal deste trabalho é desenvolver um arcabouço metodológico capaz de determinar o valor incremental do mercado de carbono nos projetos de geração de energia elétrica em sistemas hidrotérmicos interligados, tal como o sistema brasileiro. Para tanto as metodologias ACM0002 [1] e AMS-I.D [2], ambas aprovadas pelo Comitê Executivo do Protocolo de Quioto, serão empregadas no cálculo da linha de base desses projetos. Além disso, uma vez que o preço do crédito de carbono pode ser considerado uma variável aleatória, a Teoria das Opções Reais será utilizada para avaliar as flexibilidades gerenciais embutidas no negócio. A opção considerada é avaliada pelos métodos Binomial, dos Mínimos Quadrados, e de Grant, Vora & Weeks. Os processos estocásticos Geométrico Browniano e de Difusão com Saltos são utilizados para modelar o preço do crédito de carbono. / [en] The recent ratification of the Kyoto Protocol and the heavy penalties imposed on the European firms not reducing their Greenhouse Gas emissions, make the Carbon Market a real asset for Latin America. In this context, Brazil appears as one of the biggest producers of Certified Emissions Reductions, mostly because of its potential to generate electricity power from renewable sources. Unfortunately, the real attractivity of this business is still unknown in the Brazilian Electric Sector, mainly because of the difficulties in estimating the future production level of the emission reductions and because of the existence of some managerial flexibilities that usually are note recognized in this market. In this context, the main objective of this work is to develop a methodology to evaluate the incremental payoff of the carbon market on electricity generation projects of interconnected hydrothermal systems, such as the Brazilian System. The methodologies ACM0002 [1] and AMS-I.D [2], both approved by the Kyoto Protocol Executive Board, will be used to determine the baseline of these projects. Besides that, considering that the carbon price is a random variable, the Real Option Approach will be used to evaluate the embedded managerial flexibilities on this business. The considered real option may be evaluate by using the binomial tree, least square Monte Carlo and the Grant, Vora & Weeks methods. Both the Geometric Brownian Motion and the Jump Diffusion processes will be used to model the price of the emission reductions.

In this research, several improvements to the European Union Emissions Trading System (EU ETS) were analysed. The EU ETS is a market for emission allowances and the European Union's main instrument for reducing greenhouse gas emissions (of which CO2 is the main component). However, the CO2 allowance price in this market has been highly volatile and generally too low to stimulate significant long-term reductions in CO2 emissions. National and system-wide price floors and ceilings were investigated, prompted by the UK’s implementation of a CO2 price floor through a supplementary CO2 tax. The effects of the "backloading" of CO2 allowances and the proposed Market Stability Reserve were also investigated. While the latter measures may increase dynamic efficiency, this research showed that a well-designed price corridor is even more efficient, while still achieving the long-term abatement targets and stabilising prices. Furthermore, different methods for adjusting the CO2 emissions cap in response to changes in renewable energy policies were investigated. Finally, the impact of investors' risk aversion on the functioning of the CO2 market was evaluated. The analyses were conducted with the use of EMLab-Generation, an agent-based model that simulates two interconnected electricity markets with a joint CO2 emissions trading system. In this model, the companies have limited knowledge about the future, which makes it possible to investigate the impact of public policy instruments on long-term investment dynamics. / <p>The Doctoral Degrees issued upon completion of the programme are issued by Comillas Pontifical University, Delft University of Technology and KTH Royal Institute of Technology. The invested degrees are official in Spain, the Netherlands and Sweden, respectively.</p><p>copyright notice:(c) 2015 Richstein, J.C. · Creative Commons Attribution-Non- Commercial-NoDerivatives 4.0 International License</p><p>QC 20151109</p>

Forests represent both, one of the strongest drivers of, and solutions to, the rapid shift in the earth’s climate. Integrating the use of forests as a cost effective solution into emerging global carbon markets however has proven extremely difficult. The incentive for companies to utilize carbon credits as a means to offset emissions is heavily dependent upon the credibility of the project that created it. The difficulty proving the credibility of forest projects is largely due to the inherent variation associated with forest environments. British Columbia’s pine beetle epidemic provides an extreme example of just how quickly vast carbon sinks can suddenly become sources. As such, the creation of standards to ensure the security of carbon sequestered by forest projects has proven to be instrumental in encouraging their acceptance into the market. British Columbia has recognized that its forests play an integral role in its contribution to the global carbon cycle. As a result, heavy consideration is being made as to how this resource may be integrated as a source of carbon offsets for its own Cap-and-Trade market. This will mean establishing specific standards for forest projects in a BC context. This report reviews two regional standards from the states of Georgia and California, which could be applied as templates for a set of BC specific protocols for forest carbon sequestration projects. It is intended that through a comparison and analysis of these standards that potential problems faced in applying similar standards here will be identified.