The Development Bank of the Philippines (DBP) signed recently an emissions reduction purchase agreement with Tricorona Carbon Asset Management of Singapore for the sale of certified emission reduction (CER) credits to be generated by three mini-hydro power plants funded by the bank.
Reynaldo G. David, DBP president & chief executive officer, said the agreement represents a major step in the bank’s Clean Development Mechanism (CDM) activities and underlines its key role in the global Climate Change Program initiative.
The three mini-hydro power plants are the Cantingas mini-hydro power plant owned and operated by the Romblon Electric Cooperative Inc.; the Hinubasan mini-hydro power plant owned and operated by the municipality of Loreto, Dinagat Islands; and Sevilla mini-hydro power plant owned by the Bohol Electric Cooperative (BOHECO) I and the municipality of Sevilla, Bohol and operated by BOHECO I.
The three projects are expected to reduce emission of about 111,000 tons of carbon dioxide equivalent during the first seven years crediting period.
The emission reduction purchase agreement was facilitated by CarbonAided, Ltd. of London, which DBP tapped as the financial manager and agent in the sale of carbon credits of the three projects in 2008.
DBP is currently working on the registration of the projects with the United Nations Framework Convention on Climate Change Clean Development Mechanism Executive Board in Bonn, Germany.
