Green economy goldmine for PH

As global demand for sustainable products ramps up, local exporters are poised to benefit from the growing market of environmental goods and services (ESG), according to the International Trade Centre (ITC).

- By DEXTER BARRO II

In a report, the ITC said there is an increasing demand for products and services that support climate mitigation and adaptation.

It, however, noted that countries that have the capacity to supply these goods must have considerable investment in technology and infrastructure to produce and export green goods competitively.

As an archipelagic nation located along the typhoon belt in the Pacific Ocean, the Philippines is exerting more effort to mitigate climate change given its vulnerability to severe climate conditions.

The World Bank previously estimated that economic damage from climate change could reduce the country’s gross domestic product (GDP) by as much as 7.6 percent by 2030.