Financial mechanisms

Establishment of a permanent financing mechanism to support climate change mitigation and adaptation actions in the tourism sector

The objective of this component is to establish a stable and secure financial mechanism in order to generate revenues for financing activities in the field of environmental protection and mitigation of climate change in the tourism sector.

Having in mind the obligation to implement the Environmental Law in the part of the establishment of the Eco Fund, and especially with the need to ensure stable and sustainable sources of funding for environmental activities, the UNDP supports the Ministry of Sustainable Development and Tourism in implementing a series of activities to establish the Eco fund.

Through activities (Public Invitation, Carbon Offset Schemes, etc.) that are being implemented in order to establish the Eco Fund, innovative projects in the field of energy efficiency, renewable energy sources, sustainable transport and projects of greening and forestation of public areas are supported. These types of projects contribute to reducing greenhouse gas emissions, protecting the environment and meet EU obligations under Chapter 27.

The project also provides support for the development and implementation of pilot investment projects that actively contribute to the reduction and mitigation of the effects of climate change and CO2 emissions in the tourism sector.

 Within the project, three Calls for proposals for co-financing innovative projects in sector tourism were implemented. Call for proposals will serve as an instrument for testing the capacity of local actors to develop the necessary procedures and guidelines to be replicated once the model for sustainable mechanism for financing is adopted and developed at the national level.

By introducing a Compensation program for CO2 emissions for tourists and hotels, it is just one of the models that will be tested as additional revenue of the Fund.