The World Bank has committed to buying carbon credits from landfill operators in the Philippines.
It could purchase around 1.7 million carbon credits until 2020.
An agreement with Land Bank of the Philippines (LANDBANK) allows local government units and operator of sanitary landfills to sell carbon credits to the World Bank.
These landfills need to be part of the Carbon Finance Support Facility programme which provides funding and technical assistance for installing methane recovery systems in the sites.
It has the aim of reducing methane emissions by upgrading these facilities.
World Bank Country Director Motoo Konishi said: “This partnership with LANDBANK will help the Philippines achieve its greenhouse gas emission reduction targets while contributing to the global efforts to address climate change. Without firmer action, climate change can worsen poverty in many countries and put prosperity out of reach of millions people.”