Marcos signs EO on crafting a PH carbon market policy framework

President Ferdinand "Bongbong" Marcos Jr. has signed an executive order directing the formulation of a carbon market policy framework to ensure the country’s transparent and systematic participation in carbon markets, Malacañang announced Thursday.

Under Executive Order No. 127, an Interagency Committee on Carbon Markets (IACCM) will be established, with the Department of Environment and Natural Resources (DENR) designated as the lead agency.

The policy aims to support the Philippines’ commitments under the Paris Agreement, attract funding and investments for climate programs, and create opportunities for environmental projects.

These include forest conservation and restoration, renewable energy, agriculture, and waste management initiatives that can generate funding through carbon credits.

A carbon market is a system in which carbon credits can be bought and sold. Each credit represents a reduction or removal of greenhouse gas emissions from the atmosphere.

"Sa pamamagitan nito maaaring magkaroon ng karagdagang pondo ang mga proyektong naglalayong labanan ang pagbabago ng klima," Palace Press Officer Undersecretary Claire Castro said during a press briefing.

(Through this system, environmental projects aimed at addressing climate change can have additional sources of funding.)

The Philippine Carbon Market Policy Framework will establish standards for project selection and approval, carbon credit monitoring, reporting, and benefit-sharing.

"Layunin itong matiyak na malinaw, maayos at napapanagutan ang pagpapatupad ng mga programang ito," Castro said.

(The goal is to ensure a transparent, organized, and accountabe implementation of programs.)

She added that environmental projects may receive funding through carbon credits.

"So ang Executive Order ay nagtatag ng balangkas para sa carbon market at hindi nagpapataw ng bagong carbon tax," Castro said.

(The executive order establishes a framework for the country’s carbon market and does not impose a new carbon tax.) — Mariel Celine Serquiña/BM, GMA News