Finance Secretary Ralph G. Recto is advocating for the study of carbon pricing instruments and the need to identify the best combination for the Philippines. He emphasized the importance of carbon pricing in incorporating the costs of carbon emissions and incentivizing the reduction of carbon footprints. The Philippines aims to reduce greenhouse gas emissions by 75% by 2030, despite contributing only 0.48% to global emissions. Secretary Recto highlighted the significance of developing a carbon tax and emissions trading system to achieve a low-carbon economy. He also stressed the need for research and development of low-carbon technologies, behavioral change incentives, and stakeholder engagement. The World Bank and Economic Consulting Associates were recognized for their support in advancing the country’s climate ambitions. The Department of Environment and Natural Resource (DENR) is collaborating with international organizations to explore opportunities for foreign investments through voluntary carbon markets and carbon trading under the Paris Agreement. The World Bank has been providing technical expertise to assess the impact of different carbon pricing options, while emphasizing the need for environmentally sustainable, socially just, and economically sound policies.
Source Orbitax
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