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Clean Development Mechanism agreement signed for Philippine hydro projects

The Development Bank of the Philippines and Tricorona Carbon Asset Management Pte Ltd. have signed an agreement for the sale of certified emission reduction credits generated by three mini hydropower plants in the Philippines, regional media reported.

DBP is working on the registration of the projects with the United Nations Framework Convention on Climate Change Clean Development Mechanism Executive Board, Malaya Business Insight reported.

The three small hydro projects are: Cantingas hydro power plant owned and operated by the Romblon Electric Cooperative Inc.; Hinubasan power plant owned and operated by the municipality of Loreto, Dinagat Islands; and Sevilla power plant owned by the Bohol Electric Cooperative (BOHECO) I and the municipality of Sevilla, reports indicate.

The three projects are expected to reduce emissions of about 111,000 tons during the first seven years crediting period.

Recently, a Bhutan hydro project supported by the Asian Development Bank and the governments of Austria and Japan was registered as the first cross-border initiative under the Clean Development Mechanism.

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