The Philippine Star
MANILA, Philippines - Environment and Natural Resources Secretary Ramon J. P. Paje is calling on industries to shift to new energy-efficient chillers to save on energy bills and take advantage of incentives provided under the Philippine Chillers Energy Efficiency Project (PCEEP).
According to Paje, “given today’s technologies which are not only energy efficient, but are also using non-CFC alternatives refrigerants, we can assure the private sector that replacing their old chillers with new ones makes good business sense.”
Paje explained that the PCEEP is a grant project of the World Bank and the Global Environment Facility (GEF) amounting to $47.9 million.
It will run for 10 years, starting this year and seeks to replace some 375 inefficient, CFC (chlorofluorocarbon)-based chillers with non-CFC based models.
To accelerate the conversion to new technologies, Paje said chiller owners are given two options to enable them to obtain financial incentives under the project.
Option I is to avail of the up-front subsidy equivalent to 15 percent of the normal cost of new non-CFC-based energy efficient chillers on condition that the chiller owner must agree to relinquish future carbon finance revenues under the program.
The second option is not to avail of the up-front subsidy, but the chiller owner must surrender 20-25 percent of the clean development mechanism (CDM) revenues that will be obtained from selling carbon emission reductions (CERs) under the project.
The amount will be used to cover the cost of administration, financial management, reporting, marketing and other CDM related costs.