The World Bank (WB) signed an agreement with Roxol Bioenergy to purchase the carbon credits generated by their ethanol plant wastewater and methane gas recovery project in their cane-fed bioethanol distillery in Negros Occidental.
Roxol Bioenery is a subsidiary of publicly listed Roxas Holding’s (Roxol). Their Bioethanol plant is projected to go online by December 2009 and will be in commercial production by 2010. Their plant will have a bioethanol production capacity of 100,000 li/days. The projected is expected to reduce 50,000 metric tons of carbon dioxide per year.
The Emission Reductions Purchase Agreement (ERPA) signed between Roxol and WB will generate an additional $3.2 million of income, aside from their core business of creating biofuels for the Philippine market.
Part of this income will be set aside for Roxol’s community development projects that primarily consist of livelihood (such as animal dispersal, agricultural production and trading); health services; and educational services including scholarships, vocational training for out-of-school youth, rehabilitation of schools and day care centers.
Due to the implementation of the Biofuels Law of the Philippines, Bioethanol and Biodiesel will be mixed with the countries fuel sold at the pumps. Making the business of bioethanol production and its related industries a lucrative one.
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Category: Bioethanol, Carbon Credits, Carbon Offsetting
