PRESIDENT Ferdinand R. Marcos, Jr. directed the Department of Environment and Natural Resources (DENR) to draft a national carbon market policy framework to mobilize green investments, in line with the Philippines’ international climate commitments.
Under Executive Order (EO) No. 127, signed on Oct. 13, the DENR was given 30 days to set up the operational guidelines, subject to approval by a newly created inter-agency body.
At a news briefing, Palace Press Officer Clarissa A. Castro said the policy framework aims to establish national standards for trading carbon credits under Article 6 of the Paris Agreement as well as voluntary carbon markets.
“The order aims to support the Philippines’ commitments under the Paris Agreement, attract funding and investment for climate programs, and open opportunities for environmental projects,” Ms. Castro said.
“The executive order establishes a framework for the carbon market and does not impose a new carbon tax,” she added.
The EO creates the inter-agency committee on carbon markets, comprising the Climate Change Commission as chair, and Department of Finance as vice-chair.
According to the directive, establishing transparent rules for credit issuance, registry tracking, and benefit-sharing will allow environmental projects — such as reforestation, renewable energy, sustainable agriculture, and waste management — to generate critical climate finance.
Once drafted, the DENR will submit the framework to the committee, which will also be given 30 days to review and approve the guidelines to ensure full operational transparency across all carbon crediting activities.
The EO will take effect immediately upon its publication in the Official Gazette or in a newspaper of general circulation. — Erika Mae P. Sinaking