Carbon-credit rules due out next month

THE Department of Energy (DoE) said rules for trading carbon credits are expected to be released next month.

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Speaking to reporters on Wednesday, Energy Undersecretary Felix William B. Fuentebella said the DoE will release general guidelines governing the issuance, management and monitoring of carbon credits in the energy sector by September.

“We plan to have it out and effective next month,” he said.

The Philippines, one of the most climate-vulnerable countries in the world, is a signatory to the Paris Agreement, a global treaty seeking to take action in arresting the warming of global temperatures to well below 2°C above pre-industrial levels, and limit the increase to 1.5°C.

The Philippines has committed to reduce its greenhouse gas (GHG) emissions by 75% by 2030, as outlined in its Nationally Determined Contribution (NDC) climate action plan. It plans to reduce or eliminate emissions in five areas: agriculture, waste, industry, transport, and energy.

One way to achieve the NDC is by tapping international financial mechanisms under Article 6 of the Paris Agreement, such as the issuance and transfer of carbon credit certificates (CCCs).