JCF January 26, 2006 General Outlines of Japan Carbon Finance, Ltd. Hitoshi KURIHARA Director General Carbon Finance Department Japan Carbon Finance,Ltd.

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Presentation transcript:

JCF January 26, 2006 General Outlines of Japan Carbon Finance, Ltd. Hitoshi KURIHARA Director General Carbon Finance Department Japan Carbon Finance,Ltd. Your Partner for Development & Success in CDM/JI Projects & for Contribution to Sustainable Development

JCF Your Partner for Development & Success in CDM/JI Projects (C) Copyright 2005 Japan Carbon Finance, Ltd. All Rights Reserved. 2 Company Profile (1) Main Business Objective: To Purchase Carbon Credits (CERs and ERUs ） issued until 2012 from CDM/JI Projects with Assistance to Development of CDM/JI Projects (2) Committed Fund Amount: Approx. US$ 140 million from fund pool called “Japan GHG Reduction Fund (JGRF)” (3) Establishment: December, 2004 (4) Location: Tokyo, Japan

JCF Your Partner for Development & Success in CDM/JI Projects (C) Copyright 2005 Japan Carbon Finance, Ltd. All Rights Reserved. 3 (5) Fund Providers: 2 Policy-lending Institutions (Governmental Banks) & 31 Major Japanese Private Enterprises SectorFund Providers Policy-lending Institution Japan Bank for International Cooperation (JBIC) Development Bank of Japan (DBJ) Utility Tokyo Electric Power Co., Inc. Kansai Electric Power Co., Ltd. Chubu Electric Power Co., Inc. Tohoku Electric Power Co., Inc. Hokkaido Electric Power Co., Inc. Hokuriku Electric Company The Chugoku Electric Power Co., Inc. Shikoku Electric Power Co., Inc. Kyushu Electric Co., Inc. The Okinawa Electric Power Co., Inc. Electric Power Development Co., Ltd. (J-Power) Tokyo Gas Co., Ltd. 10 Major Powers & the Largest Gas Firms Oil & Manufacturing Nippon Oil Corp. Idemitsu Kosan Co. Ltd. Japan Energy Corp. Kyushu Oil Corp. Sony Corp. Toshiba Corp. Sharp Corp. Fuji Xerox Co., Ltd. The Japan Iron and Steel Federation Taiheiyo Cement Corp. Toyota Motor Corp. Terumo Corp. Major Companies in Oil, IT, Steel, Cement, Automobile & Medical Equipment fields Trading Mitsubishi Corp. Mitsui & Co., Ltd. Sumitomo Corp. Itochu Corp. Marubeni Corp. Sojitz Corp. 6 Major Investing & Trading Companies Engineering JGC Corp.

JCF Your Partner for Development & Success in CDM/JI Projects (C) Copyright 2005 Japan Carbon Finance, Ltd. All Rights Reserved. 4 (1) Financial Assistance for Project Development:  PDD Preparation  Validation (No need to refund in principle,  Initial Verificationbut with certain ceiling amount ) Services (2) Purchase of Carbon Credits (CERs, ERUs, AAUs): JCF commits purchase of carbon credits under ERPA (Emission Reduction Purchase Agreement) (at a fixed price). * Payment on Delivery in principle * Purchase Price: to be decided on project-by-project basis (3) Upfront Payment: Upfront Payment for carbon credits can be considered on case-by- case basis. (Depends on necessity and risk profiles.Thorough Due Diligence)

JCF Your Partner for Development & Success in CDM/JI Projects (C) Copyright 2005 Japan Carbon Finance, Ltd. All Rights Reserved. 5 Merits for Projects (1) To get Additional Cash Flow:  Improvement of project viability ･ with additional cash inflow by selling CERs in US$ ･ cash inflow depends on type of project  Securing of stable profitability by getting commitment for purchase of CERs (2) To get Assistance in Development:  Saving of development costs (PDD, Validation, Initial verification etc.)  Getting of assistance and orientation for development of CDM projects (3)To have possibility to get Financing from JBIC: A) Export Loan B) Overseas Investment Loan C) Untied Loan D) ODA Loan, etc.

JCF Your Partner for Development & Success in CDM/JI Projects (C) Copyright 2005 Japan Carbon Finance, Ltd. All Rights Reserved. 6 Even in case of shortage of carbon credits in spite of best endeavors by project entities: Project entities are not required: to make up for the shortage (with credits from other projects or sellers); and to pay any penalty to JCF. unless the delivery failure is caused by their willful misconduct. (e.g. sale of carbon credits to some third party) Assistance in Development - no need to compensate Great merit for project entities not to suffer from unpredictable financial risks in future.

JCF Your Partner for Development & Success in CDM/JI Projects (C) Copyright 2005 Japan Carbon Finance, Ltd. All Rights Reserved. 7 CDM/JI Projects Example Model for Underlying Finance provided for CDM /JI Projects by JBIC Underlying Finance （ On-Lending Scheme ） Fund Provision Purchase of CER (Carbon Finance) Direct Loan Underlying Sponsorship Finance (Equity, etc.) (Japanese) Companies in Power /Energy Sector, etc. Intermediary Financial Institution Cash Inflow during Construction Period Cash Inflow during Crediting Period JBIC JCF

Your Partner for Development & Success in CDM/JI Projects (C) Copyright 2005 Japan Carbon Finance, Ltd. All Rights Reserved. 8  Fulfillment of Kyoto Rules:  Additionality, Methodology etc.  Environmental & Social Safeguard Requirements  Project Feasibility  Purchase Conditions  Price: to be decided on project-by-project basis at fair & reasonable price  Volume: More than 50,000t-CO2e/year is preferable.  Delivery Schedule: Early commissioning project is preferable. Key Criteria at Screening of PINs/PDDs

JCF Your Partner for Development & Success in CDM/JI Projects (C) Copyright 2005 Japan Carbon Finance, Ltd. All Rights Reserved. 9 Risks in development & implementation of CDM projects 1. Registration Risks 2. Risks in Fluctuation of CERs Volume 3. Risks in Monitoring, Verification and Issuance of Credits 4. Risks in Additional Policy by CDM Executive Board 5. Political Risks in Host Country 6. Risks in Administrative Process for Credit Transfer 7. Risks in Renewal of Crediting Period * Risks specifically involved in CDM projects

JCF Your Partner for Development & Success in CDM/JI Projects (C) Copyright 2005 Japan Carbon Finance, Ltd. All Rights Reserved. 10 Operational Flowchart JCF Project Planning Feasibility Study Other Participants of Project Project Entity Stake Holders Host Country DNA Project Preparation DOE Consultant Host Country DNA Assistance for Project Development Bearing of PDD Preparation Cost PDD Preparation Validation Due Diligence Clarification & Screening of PIN Evaluation & Selection of Project Submission of PIN Conclusion of ERPA Conclusion of Basic Agreement defining basic terms & conditions Bearing of Validation Cost

JCF Your Partner for Development & Success in CDM/JI Projects (C) Copyright 2005 Japan Carbon Finance, Ltd. All Rights Reserved. 11 Operational Flowchart JCF Host Country DNA Project Entity Stake Holders Registration CDM -EB Japan DNA DOE CERs Payment on Delivery DOE CDM-EB Verification Certification & CERs Issuance Project Implementation Upfront Payment Assistance for Project Development Validation Bearing of Initial Verification Cost Monitoring

JCF Your Partner for Development & Success in CDM/JI Projects (C) Copyright 2005 Japan Carbon Finance, Ltd. All Rights Reserved. 12 Conclusion  JCF takes Delivery Risks. (JCF will not require any penalty or replacement of CERs in principle.)  JCF assists Development of CDM Projects. (JCF bears development costs, for not only PDD preparation and Validation but also Initial verification.)  JCF takes risks for “ Registration ”. (JCF will not require any refund of development costs even in the case of failure in Registration.)  JCF introduces financing by JBIC.  JCF has a service menu to make Upfront Payment on case - by – case basis. Contact us in early stage would be recommendable.

JCF Your Partner for Development & Success in CDM/JI Projects (C) Copyright 2005 Japan Carbon Finance, Ltd. All Rights Reserved. 13  Reference

JCF Your Partner for Development & Success in CDM/JI Projects (C) Copyright 2005 Japan Carbon Finance, Ltd. All Rights Reserved. 14 Japan Bank for International Cooperation (JBIC) Representative Office in Jakarta Mr.Yuhei Ohmi, Representative, Mr.Ichiro Hayashidani, Representative Tel: Fax: Summitmas Ⅱ 7 th Floor 、 Jl.Jenderal.sudirman,Kav.61-62,Jakarta,Indonesia Japan Carbon Finance, Ltd. (JCF) Mr.Yoichiro Matsushita, Deal Manager Mr.Yusuke Ito, Deal Manager Mr.Hiroshi Ogihara, Deal Manager Tel: Fax: , Kudankita 4-chome, Chiyoda-ku, Tokyo , JAPAN For More Information, Contact You are welcome to visit our web site !