BEIJING - The Philippines has won its first U.N. approval for a series of similar carbon emission reduction projects, a move that clears the sale of up to 100,000 offsets a year to the World Bank-administered
Spanish Carbon Fund.
The U.N. has given the green light to a so-called Programme of Activity (PoA) that allows carbon credits to be issued for emission cuts achieved from capturing methane emissions from animal waste from
piggeries across the Philippines.
"This is the first program of activities from the Philippines to be registered and it is the first registered biogas PoA in the animal waste sector in south-east Asia, a region home to a significant number of the world's pigs," Nick Bowden, a World Bank carbon finance specialist said in a statement Monday.
The World Bank operates the Spanish Carbon Fund on behalf of the Spanish government, which will use the offset credits towards complying with its emission target under the Kyoto Protocol.
PoAs differ from traditional Clean Development Mechanism (CDM) projects in that they can be implemented at a number of project sites instead of just one.
The approval is a boost for the CDM sector in the Philippines, which so far only has been issued 550,000 of the 976 million CDM offsets approved by the U.N. to date, despite having 58 projects approved.
The project is owned by Land Bank, a Philippines bank that is also seeking U.N. approval for a second PoA, a landfill gas recovery project that could earn nearly 4.5 million offsets by 2020.
The World Bank Spanish Carbon Fund is also listed in official documents as the buyer of the second project.