The European Bank for Reconstruction and Development (EBRD) wants to support the transition to low carbon economies in Egypt, Jordan, Morocco and Tunisia and is launching a series of market-based programmes (Integrated Carbon Programmes or ICPs) to reduce carbon emissions.
The first of these projects, which is receiving financial backing from Spain, will be carried out by a consortium that includes the Zurich-based South Pole Group, according to a statement.
The consortium will develop, implement and purchase carbon credits and will also work towards carbon market development by reviewing carbon market options. It will also contribute to the further development of Carbon Development Mechanisms (CDMs).
The project will run for three years. The consortium will work in close collaboration with local authorities and experts in climate change, renewable energy and carbon markets from the region and beyond.