MANILA, Philippines - The World Bank will purchase carbon credits from the Land Bank of the Philippines as part of efforts to help the country achieve its greenhouse gas emission reduction targets and contribute to the global efforts to address climate change.
Carbon credits are certificates of emission reductions (CER) from the operations of public or private entities that can be sold for extra income.
Landbank has committed to deliver 1.7 million carbon credits until 2020.
Through its carbon finance support facility, Landbank provides funding and technical assistance for installing methane recovery systems in sanitary landfills.
Local government units (LGUs) and operators of sanitary landfills availing of this program can earn carbon credits, providing them incentives to upgrade their facilities.
With this, LGUs can invest in technologies to capture methane from municipal wastes, thereby reducing emissions of the harmful gas that contributes to climate change.
“Without firmer action, climate change can worsen poverty in many countries and put prosperity out of reach of millions people,” World Bank country director Motoo Konishi said.
Experts say climate change makes communities more vulnerable to sea-level rise and extreme weather events like strong typhoons, floods and storm surges, among others.