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Manila Bulletin devider Philippines devider National devider A Marcos accomplishment in the making: PH ready to sell carbon credits, says Salceda 

A Marcos accomplishment in the making: PH ready to sell carbon credits, says Salceda 

Published Nov 25, 2023 04:21 am

At A Glance

  • House Ways and Means Committee Chairman Rep. Joey Sarte Salceda envisions the Philippines as the first country to sell sovereign carbon credits, which could be a key accomplishment for President Marcos. 

FB_IMG_1675831079805.jpgAlbay 2nd district Rep. Joey Salceda (left), President Ferdinand "Bongbong" Marcos Jr. (Facebook)

 

 

 

 

 

 

House Ways and Means Committee Chairman Rep. Joey Sarte Salceda envisions the Philippines as the first country to sell sovereign carbon credits, which could be a key accomplishment for President Marcos. 

The Albay 2nd district solon says the government is equipped to do so since there’s already legislation and incentives in place to make this aspiration into reality. 

Salceda had this to day during the signing of a memorandum of understanding (MOU) on Friday, Nov. 24, between the Climate Change Commission, Maharlika Carbon Technologies, LLC, and LMC Consultancy (Luntian). 

Under this MOU, the Philippines will be allowed to participate in the trading of Certified Emissions Reductions (CER) and Internationally Transferred Mitigation Outcomes (ITMOs) between countries, which include sovereign carbon credits. 

“In short, it sets up the foundation for us to be in the market. There is a race among developing countries to be the first to sell sovereign carbon credits in the global market, and the Philippines should be in that race. That will be a key PBBM accomplishment, if ever,” said Salceda. 

“President Marcos set the tone early on in his term that he will be a Green President. Making the Philippines a pioneer in carbon credits will be a key accomplishment. It will also provide much needed financial resources for our development,” he added. 

Salceda, who was co-chair of the United Nations (UN)-established Green Climate Fund, said that the entry into the carbon credits market could “bring in an initial USD 14 billion worth of benefits initially to the country, in cash and in kind like climate benign technologies, which are much needed for the Philippine’s shift towards sustainable socioeconomic development". 

“In recent years, there has been a push towards government-backed carbon credits, as some perceive them as more credible sources of emissions reduction,” the Bicolano added. 

Salceda further said that the new Public-Private Partnership (PPP) Code will help accelerate the country’s carbon credit efforts as it identifies them as a sovereign asset. 

Carbon credits are bought by countries and companies to offset their emissions and meet their target net emission levels. --Dexter Barro II

 

Related Tags

joey salceda carbon credits President Marcos
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