The World Bank is now buying carbon credits from owners of pig farms in the Philippines who invest in wastewater treatment facilities to better dispose of pig manure and generate electricity
In a statement, the Washington-based lender said that owners of pig farms who invest in clean technology may gain carbon credits, which they can sell to the World Bank
Through buying these carbon credits, the World Bank provides hog raisers with an additional revenue stream.
"This is the first programme of activities from the
When fully implemented, the programme is expected to produce over 100,000 tonnes of carbon credits per year from dozens of pig farms across the country.
This is the equivalent to a reduction of 100,000 metric tonnes of carbon dioxide from the atmosphere.
The project is implemented by the Land Bank of the
Carbon credits are used by firms in advanced economies to be allowed to emit greenhouse gases as they operate their businesses. One carbon credit is equivalent to one metric tonne of carbon dioxide.
Under the international carbon credit system, industrialised economies, which account for the bulk of global greenhouse gas emission, put up funds that will finance environment-friendly projects. The projects have equivalent carbon credits, which entities from rich countries may buy. The objective of the system is to promote environment-friendly initiatives to address climate change.