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Feature
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Written by Sabrina Deparine
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Monday, 15 February 2010 11:59 |
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Page views: 886 |
The World Bank has notched an emission reduction purchase agreement with the Land Bank of the Philippines last January. The said agreement is worth 2.4 million Euros (USD 3.5 million). It involves a project that will reduce the methane emissions coming from landfills and livestock farms.
The agreement will take effect for three years starting from 2010 until 2013. The World Bank will buy carbon credits on behalf of the Spanish Carbon Fund in order to promote and encourage more investments in other efforts to combat climate change.
 The project is aimed at recovering methane from waste management. This will hopefully reduce the amount of methane gas emissions which account for almost 67% of the total greenhouse gas emissions in the Philippines. It will be managed and implemented by Land Bank.
Based on the provisions of the project, it will offer incentives for landfill and piggery operators who will adopt cleaner technologies and measures. For example, piggery or farm owners will think of and devise ways to capture methane emissions and use it as fuel or energy source.
The project will also help in sourcing out technological innovations in the Philippines so it can manage the 14 million tons of solid waste and 22 million tons of organic wastewater that the country produces every year.
Last October, Land Bank announced that it will buy certified emission reduction credits from methane collected from a sanitary landfill in Bulacan owned by the VG Puyat Group of Companies. Land Bank is the first Philippine bank to sell carbon credits from a Clean Development Mechanism (CDM) registered project. CDM is a mechanism provided by the Kyoto Protocol which lets industrialized countries finance emission reduction projects in developing countries to receive carbon credits. They can use these credits to meet their reduction obligations under the Kyoto Protocol and they can sell it in the carbon market.
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