The Development Bank of the Philippines (DBP) has agreed to sell certified emission reduction (CER) credits to be generated by three mini-hydropower plants.
In Singapore, they will be funded by the bank to Tricorona Carbon Asset Management.Reynaldo G. David, president and CEO of DBP, said the agreement represented a major step in the state-run bank's clean development mechanism (CDM) activities.
The three mini-hydropower plants are owned and operated by Romblon Electric Cooperative, the municipality of Loreto of Dinagat Island, and Bohol Electric Cooperative with the municipality of Sevilla repectively. DBP said the three projects were expected to prevent the emission of about 111,000 tonnes of CO2 during the first seven-year crediting period.
