Press Releases / News Updates
World Bank, Roxol Bionergy Sign Carbon Finance Deal
WORLD BANK, ROXOL BIONERGY SIGN CARBON FINANCE DEAL. The World Bank will purchase at least US$3.2 million worth of carbon emission reduction credits from Roxol Bioenergy Corporation, the bioethanol unit of listed sugar group Roxas Holdings, Inc. (RHI).
The World Bank and Roxol recently signed an Emission Reductions Purchase Agreement (ERPA) that will avoid air and water pollution, mitigate the impact of climate change and help address poverty in La Carlota City, Negros Occidental, where Roxol’s ethanol plant is located.
Under the ERPA, which has a crediting period of 10 years, the World Bank will purchase the carbon credits coming from the operation of Roxol’s wastewater treatment facility and the methane gas recovery system of its ethanol plant.
Photo shows Mr. Pedro E. Roxas (third from left), Roxol Chairman and Mr. Bert Hofman (fourth from left), World Bank Country Director, at the signing of the ERPA. Flanking them are (Seated, from left): Ms. Asuncion S. Aguilar, RHI Senior Vice President for Finance & Treasurer; Mr. Ramon A. Picornell, Jr., Roxol President and Chief Executive Officer; Mr. Francisco F. Del Rosario, Jr., RHI President and Chief Operating Officer; Ms. Mary Anne Lucille Sering, Department of Environment and Natural Resources Undersecretary for Administration, Finance & Legal; Mr. Rahul Raturi, World Bank Sector Manager and Mr. Mark Woodwand, World Bank Sustainable Development Leader.