The Japan Bank for International Cooperation (JBIC) has signed a memorandum of understanding (MOU) to promote clean development mechanism (CDM) projects in the Philippines. The agreement is signed with Japan Carbon Finance (JCF) and the department of environment and natural resources (DENR) in the Philippines.
It will also support JCF and Japanese firms in the acquisition of greenhouse gas (GHG) emission reduction credits generated by these projects.
Under the MOU, JBIC, DENR and JCF will share information on the Kyoto Mechanisms and candidate CDM projects in the Philippines. JBIC and JCF will provide financial and advisory support for DENR.
DENR was established as the designated national authority to approve CDM projects in the Philippines in June 2004. A CDM Steering Committee, which has already been active in approving projects, operates within DENR.
To achieve its GHG emission reduction target (a 6% decrease from the 1990 base year), as set out in the Kyoto Protocol, Japan is making use of the Kyoto Mechanisms, including the CDM, in addition to domestic efforts to reduce GHG emissions.
JBIC is committed to helping achieve Japan’s GHG emission reduction target and has been making positive efforts to advance the Kyoto Mechanisms.