Law for carbon credit systems in Philippines pushed

MANILA, Philippines — The Department of Environment and Natural Resources (DENR) is pushing for the creation of a law that will institutionalize carbon credit systems to streamline the country’s climate change thrust.

Environment Secretary Ma. Antonia Yulo-Loyzaga said there may be a need to craft a legislation for carbon credits.

“Carbon credit systems still needs to be  adequately  developed   in the country.This is part of the overall commitment toward mitigation, reduction of greenhouse gases, and of course adaptation because of the ecosystem services our forests can actually provide,” she said.

This will be part of the department’s push to review existing laws affecting the environment, including the Climate Change Act of 2009.

Climate Change Act, or Republic Act 9729, aims to integrate disaster risk reduction measures into climate change adaptation plans, development and poverty reduction programs.

Last month during COP 27, the Philippine delegation headed by Loyzaga pushed for the adoption of a precise definition of “loss and damage.”

This, as the country pressed for urgent and bolder climate action through financing and technical assistance from richer countries, asserting the country’s rights amid the impact of climate change.

Meanwhile, the DENR is urging potential partners to consider a wider scale implementation of climate change programs.

This is after DMCI Mining Corp., the mining arm of Consunji-led DMCI Holdings Inc., proposed to help create the country’s carbon credits system.

Loyzaga said DMCI made the offer with its global partner, Marubeni Corp., which is involved in large scale forestation projects globally in countries like New Zealand and Indonesia.

“So, there is a proposal put forward that they be involved in some large-scale forestation project, specifically for mitigation. And we are urging them not just mitigation values but certainly also the adaptation, disaster risk reduction values that forestation can actually provide  in terms of carbon credits,” she said.

Apart from the private sector, the DENR is partnering with bilateral and multilateral organizations to include Philippine forests as part of the global thrust to reduce greenhouse gases.