Marcos orders development of Philippine carbon market framework
An interagency committee led by the environment department will oversee the initiative, which does not introduce a new carbon tax.
Philippine President Ferdinand "Bongbong" Marcos Jr. has ordered the development of a policy framework governing the country’s participation in carbon markets, Malacañang announced on October 15.
Executive Order No. 127 provides for an Interagency Committee on Carbon Markets (IACCM), led by the Department of Environment and Natural Resources (DENR). The framework is intended to make participation transparent and systematic.
The policy seeks to advance Philippine commitments under the Paris Agreement and draw investment and funding into climate programmes. Potential projects include forest restoration and conservation, renewable energy, agriculture and waste management, which could raise money through carbon credits.
The framework will set rules covering how projects are selected and approved, how carbon credits are monitored and reported, and how benefits are shared. Carbon markets allow credits representing greenhouse gas emission reductions or removals to be traded.
At a press briefing, Palace Press Officer Undersecretary Claire Castro said the initiative could provide additional funding for projects addressing climate change. She also clarified that the order creates a carbon market framework rather than imposing a new carbon tax.
