The Department of Environment and Natural Resources (DENR) is calling for a new legislation or a review of existing laws to put up a national framework on carbon credits.
DENR Secretary Maria Antonia Yulo-Loyzaga in a briefing last week said there is a need to craft a new legislation and review the Climate Change Act.
Loyzaga said the DENR is working with the Climate Change Commission in developing a carbon credits framework especially in light of the Philippines’ representation to the recent Conference of Parties to the United Nations Framework Convention on Climate Change.
Carbon credits are tradable certificates for the right to emit an equivalent amount of carbon dioxide and other greenhouse gases.
DMCI Mining Corp. has earlier offered to help the DENR create a national framework for carbon credits.
Loyzaga said the framework is now in the development stage and that DMCI and its Japanese partner Marubeni Corp. proposed a large-scale forestation project for climate change mitigation.
But the agency is encouraging the parties to be involved in climate change adaptation and disaster risk reduction as well.
“In terms of carbon credits, we are working very closely with global partners as well as multilateral and bilateral partners to look at the potential of our forest lands to actually be part of global commitment towards the reduction of greenhouse gases,” Loyzaga added.
The DENR said a carbon credits system needs to be adequately developed in the Philippines as it is part of the overall commitment towards mitigation, reduction of greenhouse gases and adaptation because of the ecosystem services local forests can provide. – Jed Macapagal
