Lucio Tan firm, Mitsubishi tie up for P100-million environment project
MANILA, Philippines - Absolut Chemicals Inc., the alcohol company of taipan Lucio C. Tan, has partnered up with Mitsubishi Corp. of Japan for a Clean Development Mechanism (CDM) project at at Absolut’s plant in Lian, Batangas.
Constructed in accordance with the 1997 Kyoto Protocol, the Absolut plant has been cited as a model for environmental responsibility.
The project is the Philippines’ first and largest CDM undertaking in the private sector and in the manufacturing industry.
CDM is an arrangement under the Kyoto Protocol whereby industrialized countries with greenhouse gas reduction commitments are allowed to invest in projects that reduce emissions in developing nations as an alternative to more expensive emission reductions in their own countries.
Tags: Absolut Chemicals Inc, Clean Development Mechanism, Japan, Lucio Tan, Mitsubishi Corp.
