The Climate Change Commission of the Philippines and Maharlika Carbon Technologies signed a memorandum of cooperation last Friday to jointly promote voluntary carbon credits and sovereign carbon credits.
Joey Salceda, Chairman of the House Committee on Ways and Means, stated that the Philippines can be the first country to sell sovereign carbon credits. However, the local coal-fired power plant capacity has increased by nearly 14% in the past two years, and the government has yet to set a net-zero carbon emissions target, causing concerns.
