Marcos orders national policy framework for carbon markets in the Philippines
The executive order signed on 13 October tells the DENR to draw up rules on taking part in carbon markets, at home and abroad, to draw in climate investment.
Philippine President Ferdinand Marcos, Jr has ordered a national policy framework for carbon markets, according to an announcement by the Presidential Communications Office on 17 October. The aim is to draw in climate investment and back efforts to cut emissions at home.
What the order requires
The executive order was signed on 13 October. It tells the Department of Environment and Natural Resources (DENR) to draw up rules on how players can take part in carbon markets, both within the Philippines and abroad. These markets allow trading in credits created by projects that cut or remove greenhouse gas emissions.
Two kinds of credit
The framework is to deal with voluntary carbon credits, which buyers purchase by choice and not because the law requires it. It will also deal with credits under Article 6 of the Paris Agreement, which lays down government approval and accounting rules for carbon trading between countries.
The two categories can overlap. However, a voluntary credit does not automatically satisfy Article 6 requirements.
