Manila Times.net
Published : Wednesday, October 12, 2011 00:00 Written by : EUAN PAULO C. AÑONUEVO
DEVELOPERS and stakeholders remain upbeat about the potential of renewable energy projects because these will foster a low carbon development path in the country, an industry official said.
Ruth Yu-Owen, PhilCarbon Inc. president, said the company can trade its carbon credits to the European Market through Carbonenergy Business Consultancy Services even after the Kyoto Protocol lapses on 2012.
Under the Clean Development Mechanism of the Kyoto Protocol, rich countries must cut greenhouse gas emissions by an average of five per cent by 2012 from levels seen in 1990.
Rich countries can make up for their commitments under the treaty by funding greenhouse gas reduction projects, like waste-to-energy facilities, located in poor countries. These environment-friendly projects earn CERs or carbon credits, which represent the amount of carbon dioxide avoided by clean projects.
Owen said PhilCarbon has put its faith in the future potential of the RE Act and the CDM and engaged Carbonergy to help them access carbon finance to support the development of their RE projects.
Carbonergy is also assisting Asiapac Green Renewable Energy Corp. to obtain and sell carbon credits from their projects.
PhilCarbon is developing wind, geothermal and hydroelectric power projects while AsiaPac is putting up small hydro projects with a current combined capacity of 70 megawatts.
Both companies are awaiting Energy Regulatory Commission approval of the feed-in tariff, which grants tariff incentives to RE developers.
Carbonergy’s ‘Philippine Small-scale Hydropower PoA’ has already been completed and submitted for validation. This is a relatively new approach to the CDM known as a Programme of Activities (PoA) that allows the inclusion of multiple projects even from different owners.
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