Sugar firm to sell carbon credits

MANILA, Philippines - Sugar producer Roxas Holdings, Inc. will sell carbon credits to the World Bank to boost the listed company’s revenues in the next four years. In a statement, the firm said unit Roxol Bioenergy Corp. had signed a deal with the World Bank for Roxas Holdings, Inc.’s ethanol plant waste-water and methane gas recovery project in Negros Occidental. "The agreement will give Roxol’s income stream a boost of at least $3.2 million in the next four years," Roxas Holdings Chairman Pedro Roxas said. Under the deal, the World Bank, through the community development carbon fund, will buy carbon credits from the operation of Roxol’s waste-water treatment facility and the methane gas recovery system of its ethanol plant in La Carlota, Negros Occidental. Mr. Roxas said the project cuts emission by at least 50,000 metric tons of carbon dioxide yearly. He said part of the revenues from the carbon credits would be used to finance Roxas Holdings’ community development projects. Roxol Bioenergy, which will use molasses from its sugar mills as raw material in its ethanol production, will produce 100,000 liters a year. — K.J.R. Liu, BusinessWorld