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A landfill that will take in about 40 percent of Metro Manilas garbage has qualified to receive cash under the carbon finance program of rich countries.
The World Bank, a custodian of the carbon finance facility, will buy certified emission reductions or carbon credits from the Bulacan Engineered Sanitary Landfill that is being built in San Jose del Monte City, Bulacan.
Under carbon finance, industrialized states and companies are allowed to fulfill their commitments to greenhouse gas reduction by purchasing emission reduction credits in new clean and energy projects of developing nations such as the Philippines.
The World Bank has set up its own facility to handle procurement on behalf of countries mostly in Europe.
Major buyers of carbon credits are the United Kingdom, Netherlands, Japan, Italy and Spain while the sellers are mostly energy companies and industries.
The VG Puyat Group of Companies is building the landfill rated for about 3,500 tons of solid waste or around 8,000 tons of garbage produced daily in the metropolis.
Besides the landfill and the gas collection facility, the site would be turned into an industrial eco-park and golf course, whose electricity would come from the landfills methane gas.
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