Community Carbon Finance Project
The Laguna
de Bay Community Carbon Finance Project is an initiative
parallel to and complementary with the
LISCOP Project.
Funded under the Japan Trust Fund for Climate Change
Initiatives, it aims to reduce carbon emissions. The grant
will work out the development of
Clean
Development Mechanism (CDM) projects into LLDA. This
will be done through project planning, emission reduction
estimates, project design document preparation, and
monitoring procedures. These activities will be mainstreamed
through the Laguna de Bay Watershed Environmental Action
Plan (LEAP) process.
The
project will finance small-scale environmental projects with
potential to reduce carbon emissions. This involves carbon
trading; a mechanism where the amount of carbon sequestered
by a project or activity such as piggery, tree farm, and
land fill can be monetized at US$3 per ton.
World
Bank purchases these carbon credits through its
Community Development Carbon Fund.
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History of Carbon
Finance Initiative
The
LISCOP Project Appraisal Document approved by the World Bank
Board includes the climate change concerns in the project
rationale and the Carbonshed project as an initiative
that will be undertaken with LISCOP.
The
Carbonshed Project is in accordance with the Clean
Development Mechanism contained in Article 12 of the
Kyoto Protocol. It aims to assist developing
countries to achieve sustainable development and to assist
developed countries to meet their commitments to reduce
their greenhouse gas emissions by paying projects in
developing countries for reducing greenhouse gas emissions.
A
grant of $358,450.00 from the Japanese Trust Fund-Special
Program for Climate Change Initiatives was signed between
the World Bank and the LLDA on July 27, 2004 to develop an
enabling environment for providing carbon finance for
small-scale environmental interventions in the Laguna de Bay
watershed with LISCOP sub-projects as focus. |
