A 2.437 million euro purchase agreement between the Land Bank and the World Bank was signed this week that will last 3 years for the carbon credits generated by its methane project.
The project of Land Bank gives incentives to piggeries and landfill operators who capture methane generated from their industry and use it as fuel to generate their electricity.
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According to an article by Matt Taibbi in Rolling Stone Magazine, Investment bank Goldman Sachs is largely to blame for the oil price hike due to their machinations to drive up the price. This site has long suspected that speculators and not market demand and supply were what was causing the price of oil to go up.
And what caused the huge spike in oil prices? Take a wild guess. Obviously Goldman had help — there were other players in the physical-commodities market — but the root cause had almost everything to do with the behavior of a few powerful actors determined to turn the once-solid market into a speculative casino. Goldman did it by persuading pension funds and other large institutional investors to invest in oil futures — agreeing to buy oil at a certain price on a fixed date. The push transformed oil from a physical commodity, rigidly subject to supply and demand, into something to bet on, like a stock. Between 2003 and 2008, the amount of speculative money in commodities grew from $13 billion to $317 billion, an increase of 2,300 percent. By 2008, a barrel of oil was traded 27 times, on average, before it was actually delivered and consumed.
Publicly listed Metrobank had partnered up with the Sumitomo Mitsui Banking Corp (SMBC) of Japan for the development of a Clean Development Mechanism (CDM) project in the Philippines. Based from our understanding of the deal, SMBC will tap Metrobank’s extensive client base in the Philippines for subscription into the Carbon Credit Market.
Both banks are looking to tap into the Renewable Energy sector that was recently spurred by the passage and signing of the Philippine’s Renewable Energy Bill that seeks to give incentives to businesses that will put up renewable energy projects in the country. These businesses therefore make money, not just from their regular business model, but from the trading of their excess carbon units.
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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.
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Global Green Power is eyeing a total of $200 Million worth of renewable energy projects in the Philippines. This is in the form of 5 Biomass powerplants rated to produce a total of 87.5 MW. This is but part of a $1B package that the company is planning to expend in the Philippines emerging renewable energy sector.
The five 17.5 MW biomass power plants will be situated in Panay, Samar, Nueva Ecija and Pangasinan. The projects are located in the Visayan and Luzon islands.
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Filipino-Chinese Taipan, Lucio Tan, is looking into entering the Clean Development Mechanism (CDM) field for his farms with the help of Mitsubishi Corp who will do a feasibility study in two of their piggeries in Foremost Farms. This is part of their corporate social responsibility targets. The study will take about 3 months and will produce investment and capital requirements for this venture.
If determined feasible, they will be able to harvest energy from the manure of their pig farm which can be used to reduce their carbon emissions by reusing their energy as well as earn by selling the carbon credits earned from this carbon reduction project.
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