Philippine Environment Secretary Raphael Lotilla says the country needs USD 72 billion to meet its national emissions reduction targets. (Photo: DENR)
The Philippines is set to introduce carbon trading rules in September, initially targeting the energy industry in hopes of spurring low-carbon investment.
The Department of Environment and Natural Resources (DENR) estimates the country will need around USD 72 billion in climate finance, and is considering a full revision of its Nationally Determined Contribution (NDC) to align with the government’s decarbonization strategy.
Energy sector takes the lead in carbon trading
Energy Undersecretary Felix William B. Fuentebella said on Aug. 20 that the carbon market is scheduled to go live in September, immediately after the release of allocation, management, and oversight guidelines for the power sector.
