Landbank gets accreditation in World Bank carbon facility

MANILA, Philippines - State-run Land Bank of the Philippines has been accredited as a carbon seller participant under the World Bank Group’s Carbon Partnership Facility (CPF).

Specifically, Landbank entered into a seller participation agreement (SPA) with the World Bank during the 2013 CPF Annual Meeting held recently in Barcelona, Spain.

Landbank said the CPF is a partnership among industrial-country buyers and developing-country sellers of emission reductions, as well as developing and donor-country governments.

The CPF aims to facilitate mutual decision-making and sharing of experience and knowledge regarding carbon finance among these countries.

It also intends 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 SPA, which serves as the first step towards negotiation of carbon credits sale, covers Landbank’s Clean Development Mechanism (CDM) Program of Activities (PoAs) on piggery biogas recovery and landfill gas recovery projects being implemented under the Carbon Finance Support Facility (CFSF).

CDM is defined as one of the flexibility mechanisms under the Kyoto Protocol that provides for emissions reduction projects which generate certified emission reduction units which may be traded in emissions trading schemes.

Both programs are registered with the United Nations Framework Convention on Climate Change.

These are likewise considered the first of their kind in the agricultural and waste management sectors in the Philippines and Southeast Asia.