World Bank Reports on CDM Wind Power Project in the Philippines

The World Bank's carbon finance program provides clean electricity to poor communities and helps reduce emission of harmful greenhouse gases that cause climate change. It has also catalyzed the emergence of the carbon market that is transforming renewable energy financing in the Philippines.

2 February 2009: The World Bank has reported the success of a Clean Development Mechanism (CDM) wind-power project in Bangui Bay, where the Bank's carbon finance programme is funding a wind farm with a 33 MW capacity and the possibility to provide half the province's power needs.

The NorthWind wind-farm's success is attributed to a combination of three factors: right timing (NorthWind started the project when wind turbines were cheaper); right financing; and support from the World Bank through its Prototype Carbon Fund, which enabled NorthWind to generate more resources through the sale of  carbon emission reduction credits under the Kyoto Protocol. [World Bank Press Release]