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if NPV/IRR is too low, the project will not go ahead anyway, regardless of the CERs revenue or not。 ? 如果 NPV/IRR太高,將難以解釋投資障礙的問題。 if NPV/IRR is too high, the project will have difficulties in explaining the investment barrier, as it may be argued that it would be implemented anyway, regardless of the CERs revenue. ? 項目投資分析中涉及許多假設(shè)情況, DOE在審定 此 一問題時非常困難 it is very difficult for the DOE to check the IRR as we don39。t know a project developer39。s internal costing approach, the way benefits are evaluated, etc. there are a lot of assumptions in such calculations, as we39。re talking about future cash flows. ? 指定經(jīng)營實體一般采取向有關(guān)管理部門或利害相關(guān)方了解 NPV/IRR是否合理 DNV bases its judgement on experiences with similar projects in the respective sector and country context and will ask authorities or other stakeholders whether the NPV/IRR analysis in the PDD is reasonable. ? 在 PDD文件中應(yīng)增加對投資障礙的數(shù)量分析 Add a qualitative discussion about the NPV/IRR in your PDD to make the case of an investment barrier. 2020/9/17 Slide 24 額外性判斷 范例 步驟 3 Additionality testing example Step 3 ? 壁壘評估 Barrier assessment: ? 投資壁壘 Investment barriers ? 技術(shù)壁壘 Technological barriers ? 因流行實務(wù)造成的壁壘 Barriers due to prevailing practice ? 支持壁壘的充分證據(jù) Support barriers with sufficient evidence ? 證明最終的情景無法避免此壁壘 (那就是基線 !) Show that at least one of the scenarios would not be prevented by the barriers (that will be the baseline!) 2020/9/17 Slide 25 額外性判斷 范例 步驟 4 Additionality testing example Step 4 ? 慣用實務(wù)分析 Common practice analysis: ? 其他活動 Other activities ? 類似發(fā)生情況 Similar options occurring ? 討論說明 Discuss! 2020/9/17 Slide 26 步驟 5 CDM 注冊的影響: Step 5. Impact of CDM registration ? 解釋提出的項目被批準并注冊為 CDM項目后,由實施該項目的獲益將減緩經(jīng)濟或財務(wù)的障礙(第二步所論述的)或識別的其他障礙(第三步所論述的) Explain how the approval and registration of the project activity as a CDM activity, and the attendant benefits and incentives derived from the project activity, will alleviate the economic and financial hurdles (Step 2) or other identified barriers (Step 3) and thus enable the project activity to be undertaken. ? 項目的獲益可有不同的形式: The benefits and incentives can be of various types, such as: ? 溫室氣體的減排: Anthropogenic greenhouse gas emission reductions。 ? 出售 CERs的收入: The financial benefit of the revenue obtained by selling CERs, ? 吸引其他的新的項目: Attracting new players who are not exposed to the same barriers, or can accept a lower IRR (for instance because they have access to cheaper capital), ? 吸引其他的投資方: Attracting new players who bring the capacity to implement a new technology, and ? 減少風險: Reducing inflation /exchange rate risk affecting expected revenues and attractiveness for investors.