The agreement was signed at the Vivere Suites in Alabang, Muntinlupa City by LLDA general manager Casimiro A. Ynares III, Tanay Mayor Rodel Dela Cruz, Liliw Mayor Cesar Cordova Subilit, World Bank-task force team leader John Morton, Rep. Augusto H. Baculio, vice-chairman, House committtee on ecology.
The LLDA in cooperation with the World Bank and the Netherlands government initiated the Laguna de Bay Institutional Strengthening and Community Participation Project (LISCOP). Under this project, participating LGUs within the lake region will be provided with the opportunity to avail themselves of financial assistance for environmental investments. These LISCOP-funded investments will then be given the chance to sell verified emissions reductions (VERs) to the World Bank Carbon Funds with the LLDA as an intermediary in the transactions.
The project is intended to develop an enabling environment for a carbon market for small-scale environmental interventions in the Laguna de Bay watershed. These interventions such as reforestation can improve water quality of the lake and decrease greenhouse gas emissions.