This paper analyses the two most advanced Swiss AIJ (Activities Implemented Jointly) projects. Key success and failure factors are derived from practical experience in developing and implementing these projects. The assessment of uncertainties shows that the counterfactual nature of baselines forms the most relevant factor for uncertainty with regard to climate benefits. Different strategies to minimise this uncertainty are described. For the investor, the performance of the project during its lifetime is the main source of uncertainty, since this will usually have a direct influence on the amount of emission reduction credits produced. Consequently, adequate legal structure and incentives for project hosts are crucial to ensure.
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