ERPA指导文件 V1 英文.docx

ERPA指导文件 V1 英文.docx

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ERPA指导文件V1英文

CERSPA

GuidanceDocument

Version1.0

April2007

TobereadinconjunctionwithVersion1.0oftheCERSPAdatedApril2007

ThisGuidanceDocumentisacompaniondocumenttotheCertifiedEmissionReductionsSalesandPurchaseAgreement（“CERSPA”）template.ItisintendedtoexplainthetermsandconditionsoftheCERSPAand,insomecases,providealternativetermsandconditionsthatmaybeusedwhencircumstancesrequire.

TheGuidanceDocumentfollowstheorderoftheCERSPA,witheacharticleoftheCERSPAlistedintheGuidanceDocument.EacharticleisfollowedbyasectiontitledCommentwhichcontainsabriefexplanationofthearticle.EachclausewithinthearticleissimilarlyaccompaniedbyaCommentsection.Whereappropriate,thisisfollowedbyasectiontitledAlternativeLanguagewhichincludesadditionaloralternativedraftingtext.

TheCERSPAandGuidanceDocumentarepubliclyavailablelivingdocumentsandwillbeexpandedandupdatedastheCDM’sregulationsevolveandusersandreviewersprovidefeedback,draftingsuggestions,andadditionaltermsandconditionsasrequired.

TheCERSPAandGuidanceDocumentarenotintendedtoprovidedefinitiveexamplesofeverywaytodraftaCERsaleandpurchaseagreement.OtherdraftingalternativesexistthatarenotpresentedintheCERSPAordiscussedinthisGuidanceDocument.

Weencourageusersandreviewerstoprovidetheirinputatwww.cerspa.orgortotheSecretariatfortheCERSPAInitiativedirectly*forinclusioninthenexteditionoftheCERSPAandGuidanceDocument.

TheCERSPAInitiativeismainlysponsoredbytheINTER-AMERICANINVESTMENTCORPORATION（IIC）, a memberoftheGroupoftheInter-AmericanDevelopmentBank.Fundingforthis Initiativewaskindlyprovidedbythe GovernmentoftheRepublicof Korea,throughtheKorea-IICSMEDevelopmentTrustFund,andbythe SwissStateSecretariatforEconomicAffairs（SECO）throughtheIDBTechnicalCooperationTrustFundforConsultingServicesandTrainingActivities.TheGermanMinistryofEconomicofCooperationandDevelopment（BMZ）supportstheCERSPAInitiativeandwillengageinsupportingregionalworkshopstodisseminateitsobjectives.Acompletelistofsponsorsandparticipantsisincludedoverleaf.

Disclaimer:

TheCERSPAtemplateagreementandtheGuidanceDocumentreflectsthepersonalviewsofthecontributingauthorsonly,anddonotnecessarilyreflecttheviewsoropinionsofanyorganizationtheymaybeassociatedwith.Theydonotconstituteorsubstituteforlegaladviceandnoneofthecontributingauthorscanbeheldliableforanymistakesorinaccuraciestheymaycontain.AnypersonusingtheCERSPAtemplateagreementorGuidanceDocumentdoessoattheirownrisk.ExpertlegaladviceshouldbesoughtpriortousinganypartoftheCERSPAorGuidanceDocument.

*Sendyourcommentsto:

ThiagoChagas:

t.chagas@

CharlotteStreck:

c.streck@

CathyLee:

cathy@go-

MainSponsor:

Inter-AmericanInvestmentCorporation

KOREA-IIC

SMEDevelopment

TrustFund

Theinitiativeiscoordinatedby:

ClimateFocus（TheNetherlands）

LeeInternational（USA）

Additionalsupporthasbeenprovidedby:

GermanMinistryofEconomicofCooperationandDevelopment（BMZ）

CorporaciónAndinadeFomento

MallesonsStephenJacques

SiqueiraCastroAdvogados（Brazil）

MGMInternational（USA）

JunHeLawOffices（China）

SpecialthankstoChristianaFigueresandNell-GarwoodGarvey.

ListofparticipantsinVersion1.0oftheCERSPAInitiative

MultilateralInstitutions

Inter-AmericanInvestmentCorporation

SarahFandell

GeneralCounsel

AlejandroPrada

ProjectAttorney

AngelaMiller

EnvironmentalEngineer

Eog-WeonLee

TrustFundOfficer

FernandoMorales

EnvironmentalEngineer

WorldBank

ChrisCarr

SeniorCounsel

FlaviaRosembuj

SeniorCounsel

CorporaciónAndinadeFomento

JacoboKiriaty

LegalCounsel

OctavioRosselli

LegalCounsel

SouthAmerica

SiqueiraCastroAdvogados（Brazil）

FlaviaFrangetto

LocalPartner

Manzano&Asociados（Ecuador）

InésManzano-Diaz

Director

CantorCO2e（Chile）

SergioVives

VicePresidente,AméricaLatina

KatherinaBach（Colombia）

KatherinaBach

Privateconsultant

NorthAmerica

LeeInternational（USA）

CathyLee

Director

MGMInternational（USA）

MarcoMonroy

President

ClaudioJ.Lutzky

Counsel

ConservationInternational（USA）

TeresaM.Faria

AssociateGeneralCounsel

Europe

ClimateFocus（Netherlands）

RobertO’Sullivan

Counsel

CharlotteStreck

Director/SeniorCounsel

MercedesFernandez

Counsel

KommunalkreditPublicConsultingGmbH（Austria）

BirgitHaberl

AustrianJI/CDMProgramme

KfWCarbonFund（Germany）

DavidRusnok

SeniorProjectManager

Africa

Mallinicks（SouthAfrica）

AchmatToefy

Director

KateReynolds

Director

SouthSouthNorth（SouthAfrica）

StefanRaubenheimer

Director

DevelopmentBankofSouthernAfrica（SouthAfrica）

KumeshNaidoo

ProgrammeManager

Asia

CentreforInternationalSustainableDevelopmentLaw/MallesonsStephenJaques（HongKong）

ChristopherTung

Partner

LeongLiew&Chen（Malaysia）

LeongKwokYan

Partner

JunHeLawOffices（China）

JieChen

Partner

Kim&ChangLawOffices（SouthKorea）

YoonJeongLEE

SeniorAssociate

CCLaw/Baker&McKenzie（Australia）

PaulCurnow

SeniorAssociate

1.

BackgroundtotheCERSPA

Asthecarbonmarketcontinuestodevelop,thereisaneedtoassistprojectdeveloperstodraftandnegotiatecontractsunderwhichtheysellthecarboncreditstheyproduce.ManyCleanDevelopmentMechanism（“CDM”）projects,inparticularsmallerCDMprojects,arebeingdevelopedbyentitieswhichdonothavesubstantialresourcesavailabletoobtainadvicefromexpertlawfirms.Inmostcases,projectdevelopersandsellersofCertifiedEmissionReductions（“CERs”）selectcarbonbuyerssolelybasedontheunitpriceoffered.Afewweeksafterhavingcommunicatedtheirchoicetothebuyer,theyarelikelytofindanEmissionReductionPurchaseAgreement（“ERPA”）intheiremailinboxes.Theagreementislikelytobelong,complexandinalanguagethatthesellerisnotfluentin.FewsellershavelegaladvisorswithpreviousexposuretoCDMprojects;manyrelyontheirgeneralistlawyersortrytomanagethenegotiationsprocesswithoutlegalassistance.Inaddition,sellersarerarelyrepresentedinforumsliketheInternationalEmissionTradingAssociationanddonothavetheresourcesorcapacitytofollowtheinternationaldiscussionsrelatedtotheKyotoProtocolindetail.

TheCDMprovidesprojectdevelopersindevelopingcountrieswithanopportunitytoaccessahardcurrencycashflowandseekadditionalupfrontfinancingresources.However,contractsunderwhichprojectdevelopersselltheirCERsthatincludedeliveryguarantees,penaltiesandstrictenforcementclauses,canturnanERPAfromanassettoaliability.SuchcontractscanunderminetheusefulnessofanERPAtosecuredebtfinancingandputanentireprojectandthecompanydevelopingtheprojectatrisk.Manycarboncontractsarealsomissingelementscommontootherlongtermpurchaseagreements,suchaspriceadjustmentclausesandlimitationsonliabilities.

TakingintoaccounttheeconomicopportunityandtheenvironmentalbenefitsofthenumeroussmallandmediumsizeCDMprojectsthatarecurrentlyunderdevelopmentaswellastheriskexposureofsellersundercarboncontracts,itisimportantthatsellersofCERsgainaccesstolegalCDMintelligence.

2.AbouttheCERSPAInitiative

Morethantwentylawyers,theoverwhelmingmajorityofwhomarefromdevelopingcountries,havecometogetherinaninitiativetodevelopanewCertifiedEmissionReductionSaleandPurchaseAgreement（“CERSPA”）template.TheobjectiveofthedevelopmentandpublicationoftheCERSPAistoassistsellerstoparticipateintheinternationalcarbonmarketwithagreaterunderstandingofthedifferenttermsandconditionsunderwhichtheycanselltheirCERs.Theagreementandsupportingdocumentationareexpectedtocontinuetoevolveovertimeasmorelawyers,projectdevelopersandotherstakeholdershavetheopportunitytouseitandprovidetheirinputandexpertise.

TheinitiativeappreciateseffortstostandardizeERPAsandothercarbonrelateddocuments.However,ourexperienceshowsthatCDMprojectscomeinallshapes,sizes,andvarieties.Regionalcontext,projecttype,projectsizeandfinancialstatusofthebuyer,projectandprojectownerdeterminetheconditionsofandtheformatofforwardCERtransactions.

Theobjectiveoftheinitiativeis,therefore,todevelopasimple,understandable,andbalancedCDMprojectagreement.ThisnewCERSalesandPurchaseAgreementtemplateanditssupportingdocumentation,willallowthepartiestodevelopanagreementthattakesintoaccountthespecificsituationoftheproject.TheCERSPAmaytherebyserveasastartingpointforthenegotiations.PartiesconsultingthemodelCERSPAandtheexplanationsprovidedinthisGuidanceDocumentwillbeabletoidentifythekeylegalissuesgoverningaCERtransaction.ThesedocumentswillassistthemtoprepareforCERsalesnegotiationsandputtheminabetterpositiontoproposelegallanguagethatcanbeusedasthestartingpointorasacounterproposalinnegotiations.

Theinitiativedoesnotaimtoprescribeasinglemodelagreement.TheinitiatorsoftheCERSPAdonotanticipatethattheprimaryCERmarketwilladoptastandardizedERPAsoon,asagreementsgoverningthetransferofCERsontheprimarymarketcontinuetovarygreatlydependingontheneedsoftheprojectandthebuyer.Instead,theCERSPAandGuidanceDocumentaimatidentifyingandexplainingkeyissuesforsellersandfi