Informing the Financing of Universal Energy Access: An Assessment ...

ELECTR-5744; No of Pages 26Appendix B. The CleanDevelopmentMechanism (CDM)Most CDM project descriptionsinclude the estimatedinvestment. 38 Where available,the investment is expressed indollars per tonne of CO 2 reducedfor each of over 140 project types.These values are then used toestimate the investment for allCDM projects. The investment isreported for the year in which theproject is registered. Theinvestment may occur later forprojects registered late in a year. 39The first CDM projects wereregistered late in 2004. The sourceof the investment is not known,but is likely to be mainly domesticbecause the share of‘‘unilateral’’ 40 projects (thosewithout a foreign partner) hasrisen from about 70 percent in2005 to about 95 percent in 2010. 41LDCs host only a small share ofCDM projects, in part becausethey were slow to implement theirnational approval processes.O f the 2,400 registeredproject of the types andsub-types related to electricitygeneration (a few biogas andefficient stoves project are alsoincluded). 42 The total investmentin these projects was about USD101 billion (89 percent of theinvestment in all the 3,034registered projects) over sevenyears. The investment has beenincreasing every year since 2004.These flows generally do notincrease energy access. In mostcases, developers mustdemonstrate that their projectswill displace greenhouse gasemissions. Moreover, projects aredominated by China, whichalready enjoys near-universalelectricity access. Nor should theinvestment figures be read asrepresenting additionalinvestment due to the CDM.Based on data from Fenhann(2011), Table A2.1 shows the timeseries for investment inregistered CDM projects in allcountries. Out of 3,034 projectsregistered, 24 are in LDCs. Of atotal investment of USD 11,780million, USD 18 million is inLDCs.&Table A2.1: Time series for investment in registered CDM projects in all countries.Host CountryRegistered All Years 2004 2005 2006 2007 2008 2009 2010 2011 2012(Rejected Projects Excluded) Projects Million US$Latin America 518 8436 18 434 2581 1606 1572 1259 545 421Argentina 21 213 34 32 25 57 1 55 10BahamasBolivia 4 127 2 50 1 74Brazil 190 2127 18 30 1144 242 244 211 180 57Chile 46 834 26 277 98 104 69 60 199Colombia 28 706 438 32 67 105 53 11Costa Rica 7 106 8 2 27 8 60Cuba 2 81 75 6Dominican Republic 2 89 79 10Ecuador 16 269 113 2 89 2 62El Salvador 6 167 73 40 54Guatemala 11 256 34 67 143 12Guyana 1 15 15Honduras 17 95 54 10 13 2 2 4 9Jamaica 1 33 33Mexico 126 2153 207 122 869 599 323 32 2Nicaragua 4 206 120 10 77Panama 6 152 22 13 8 11018 1040-6190/$–see front matter # 2011 Elsevier Inc. All rights reserved., doi:/10.1016/j.tej.2011.07.006 The Electricity JournalPlease cite this article in press as: Bazilian M, have surnames. Informing the Financing of Universal Energy Access: An Assessment of Current Financial FlowsElectr. J. (2011), doi:10.1016/j.tej.2011.07.006