The World Bank announced that it will buy 1.7 million CERs from the Philippines’ Land Bank, credits to be generated by installing methane recovery systems in sanitary landfills.
The offsets will be delivered by 2020 through the Land Bank’s Carbon Finance Support Facility, which funds methane cuts from landfills and shares the carbon credit revenue with landfill operators and local governments. The two banks did not disclose the price paid for the landfill CERs.
“This partnership with LANDBANK will help the Philippines achieve its greenhouse gas emission reduction targets while contributing to the global efforts to address climate change,” said World Bank Country Director Motoo Konishi.
The Philippines has pledged to cut its projected emissions over 2000-2030 by 70% below business-as-usual levels, with waste being one of the sectors identified to contribute to meeting the target.
Last year, the World Bank provided a $410,000 grant to Land Bank from its Carbon Partnership Facility to help the Philippines’ bank build its CDM implementation capacity.
The World Bank has previously signed a contract with Land Bank to buy at least 2 million CERs by 2020 from livestock farms.
The World Bank also operates a Pilot Auction Facility, which targets methane reductions in developing country sectors including landfill and waste water management.
By Stian Reklev – email@example.com