Japanese funding for 28 MW binary Mahanagdong geothermal plant, Philippines
In July 2022, the Japanese JCM funding scheme announced funding for the 28 MW binary cycle Mahanagdong geothermal plant in the Philippines. Several countries with geothermal potential can get access to JCM funding.
On August 9, 2022, the Japanese Ministry of the Environment (MOE), announced the selection of four new JCM Model Projects of Joint Crediting Mechanism (JCM) Financing Support Programme for FY2022 (second round) in addition to the 16 projects in the first round (July 1, 2022) . The number of selected JCM Model Projects has reached 207 so far, and the cumulative reduction of greenhouse gas (GHG) emissions by FY2030 is expected to be approximately 19 million tons.
MOE Japan has received a variety of JCM Model Projects applications for this second round and has selected four projects related to renewable energy, such as solar and biomass. MOE Japan will continue to strongly promote the overseas expansion of decarbonizing infrastructure through the JCM, based on the “Plan for Global Warming Countermeasures (Cabinet decision in October 2021),” etc.
The application period for JCM Model Projects selection in FY2022 is open until November 30, 2022.
Since 2013, Japan has established the JCM with 17 partner countries and over 200 projects have been selected. The JCM’s current 17 partner countries are; Mongolia, Bangladesh, Ethiopia, Kenya, Maldives, Vietnam, Laos, Indonesia, Costa Rica, Palau, Cambodia, Mexico, Saudi Arabia, Chile, Myanmar, Thailand, and the Philippines.
In the first round announced on July 1, 2022, JCM announced funding made available for the 28 MW binary cycle geothermal power project at Mahanagdong in the Philippines for JGC Corporation. On site at Mahanagdon is already an 180 MW geothermal power plant with flash turbines operated by EDC. The binary plant is an ex
The JCM aims to reduce GHG emissions in developing countries by utilizing advanced decarbonized technologies. Under the JCM scheme, in line with Article 6 of the Paris Agreement, Japan is facilitating diffusion of leading decarbonizing technologies and infrastructure, etc. as well as implementation of mitigation actions in partner countries. The JCM contributes to the achievement of both countries’ NDCs while ensuring the avoidance of double counting through corresponding adjustments.
JCM Model projects of MOE Japan provide financial support of up to 1/2 of the initial investment cost for projects, performing measurement, reporting, and verification (MRV). In addition, this financing support programme is expected to contribute to global decarbonization by disseminating and deploying advanced decarbonized technologies, upon deep understanding of the needs of partner countries.
These JCM activities are in accordance with the “Plan for Global Warming Countermeasures (Cabinet decision in October 2021),” the “MOE Japan Policy for Implementing Article 6 of the Paris Agreement after COP26 (November 2021)”, and the “Grand Design and Action Plan for a New Form of Capitalism and Follow-up (Cabinet decision in June 2022).”
Source: Government press release