MANILA, Philippines—Owners of pig farms in the Philippines now have an incentive for putting up waste-management systems in their farms, the World Bank announced Monday.
In a statement, the World Bank said owners of pig farms that will invest in clean technology may gain carbon credits, which they can sell to the World Bank.
The “Methane Recovery from Waste Management Project,” which has been registered under the United Nations Framework Convention on Climate Change, shall have Land Bank of the Philippines as implementing agency.
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 ton of carbon dioxide.
Under the international carbon credit system, industrialized 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.