Conal Holdings Corp., an Alson’s Group of Companies subsidiary, is attracting foreign investment for their carbon sink project that will go hand in hand with their $450 million coal-fired power plant at Maasim in Sarangani Province, Mindanao.
The carbon sink is designed to absorb and offset the carbon spewed by the Coal fired power plant. The project will cost about $7.5 million and will cover an area of 8,000 hectares with trees that can absorb a lot of carbon.
The two companies interested in buying any excess carbon credits from the project are Endesa Carbono of Spain and Nordic Environment Finance Corp (NEFCO) of Finland.
Endesa Carbono, is a subsidiary of Endesa, the electricity provider in Spain and Latin America. Nordic Environment Finance Corp. (Nefco) is an international finance institution established in 1990 by the five Nordic countries: Denmark, Finland, Iceland, Norway and Sweden.
Despite the plan to set up a carbon sink for the coal fired power plant and the constant warning of an impending power shortage due to the rapid development of Mindanao, the Catholic Church has expressed opposition to this project.
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Category: Coal
