The Philippine Division of Vitality (DOE) stated it’s crafting a carbon credit score coverage for the vitality sector to make sure integrity in potential carbon buying and selling mechanisms and drive funding in clear vitality.
A session with round 120 representatives from varied vitality stakeholders was scheduled for August 19 on a draft DOE round that may present “tips for the issuance, administration and monitoring of carbon credit within the vitality sector”, in line with an announcement on the DOE web site.
The Carbon Credit score Coverage will “guarantee environmental integrity by selling initiatives that genuinely cut back emissions, improve transparency and accountability by means of clear guidelines for carbon credit score era and buying and selling, promote personal sector funding in clear vitality and emissions discount, and align with the Philippines’ commitments beneath the Paris Settlement and different local weather frameworks”, the DOE stated.
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Vitality Undersecretary Felix William B. Fuentebella stated, “It can equip our vitality sector with the instruments to generate and handle carbon credit with integrity, making certain each ton of lowered carbon dioxide is actual and verifiable. This builds belief and unlocks funding in efficient local weather options”.
“Capitalizing on the Philippines’ huge renewable vitality sources and aligning with the worldwide vitality transition, this coverage incentivizes clear, indigenous sources, and promotes vitality effectivity for a cleaner, extra resilient and sustainable vitality system for the Philippines”, the DOE stated.
The DOE has set an “Vitality Transition Pathway” that includes elevating the share of renewables within the archipelago’s energy combine to 35 % by 2030 and 50 % by 2040. The roadmap, a part of the DOE’s “Philippine Vitality Plan 2023-50”, additionally goals for 10 % vitality financial savings on oil merchandise and electrical energy between 2040 and 2050; a 50 % electrical automobile penetration charge in street transport by 2040; and the adoption of superior and good grid applied sciences.
Final 12 months the Philippines signed a memorandum of understanding with Singapore for the neighbors to work on a legally binding carbon credit implementation settlement that’s aligned with Paris Settlement provisions for the cross-border commerce of emissions reductions.
“The MOU additionally allows the change of finest practices and data for the event of high-integrity carbon markets and the identification of mutually helpful Article 6-compliant carbon credit score initiatives”, Singapore’s Ministry of Commerce and Trade (MTI) stated in an announcement August 15, 2024.
“The Philippines has robust potential for carbon credit initiatives, reminiscent of nature-based initiatives (e.g., blue carbon and forestry initiatives), renewable vitality initiatives and transition credit from the early retirement of coal-fired energy vegetation. Singapore goals to attain internet zero emissions by 2050 and is dedicated to advancing world local weather motion by means of worldwide collaboration with like-minded companions”, the MTI stated.
To contact the writer, e mail jov.onsat@rigzone.com
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