Statement:LANDBANK inks carbon seller participation agreement with World Bank
The Land Bank of the Philippines is now a carbon seller participant under the World Bank’s Carbon Partnership Facility (CPF). This was formalized in a Seller Participation Agreement (SPA) with the World Bank during the latter’s 2013 CPF Annual Meeting held recently in Barcelona, Spain.
The CPF is a partnership among industrial-country buyers and developing-country sellers of emission reductions as well as developing and donor country governments, with the objective of facilitating mutual decision making and sharing of experience and knowledge regarding carbon finance. It aims to scale up clean technology investments through programmatic and sector-based approaches to emission reduction programs and to set key policies of the CPF together.
The signed SPA, which serves as the first step towards negotiation of carbon credits sale, covers the LANDBANK’s Clean Development Mechanism (CDM) Program of Activities (PoAs) on piggery biogas recovery and landfill gas recovery projects being implemented under the Bank’s Carbon Finance Support Facility (CFSF). Both programs are registered with the United Nations Framework Convention on Climate Change and are considered the first of their kind in the agricultural and waste management sectors in the Philippines and Southeast Asia.
As a seller participant, LANDBANK is assured of World Bank’s continued support in the implementation and scale-up activities of LANDBANK’s piggery and landfill gas programs in the country. The World Bank likewise intends to purchase carbon credits from LANDBANK’s two PoAs from 2014 to 2020 through the CPF.
CFSF is LANDBANK’s flagship program for the promotion of climate change mitigation projects through CDM. Aside from piggery and landfill projects, the program also assists mini-hydro projects.