Monaco’s NDC covers all sectors and gases. For CO2, CH4 and N2O the reference year is 1990 and for F-gases the reference year is 1995. In the reference year its emissions were 102.74 KtCO2e (excluding LULUCF) which has been decreasing during the 2000s, reaching 86,93 KtCO2e in 2018. There is no agriculture sector in the country. Monaco has set the goal to reduce its greenhouse gas emissions by 55% by 2030 and to reach net-zero by 2050. For this, Monaco is setting efforts embedded in a national policy framework.
In the electricity sector, the goal is to reduce consumption of fossil fuels, so Monaco is trying to improve energy efficiency and decarbonise energy, investing in solar thermal and PV and geothermal networks. In buildings, also, the replacement of fossil fuels to biofuels is being incentivised, as well as, increasing environmental performance and energy efficiency of the buildings using sustainable codes and methods of construction and financial mechanisms for renovations. In the transport sector, Monaco focuses on the reduction of traffic and decarbonisation of the transport. A shift to other modals and public transportation is supported though electric public transportation. Lastly, the industry sector is weak in Monaco being mainly related to craft and cross sectoral measures about electricity will also cover this sector.
Market mechanisms under the article 6 is a possible outlined in the NDC to be used in the future to achieve the outlined reductions of GHG emissions (Monaco NDC, 2020).