DENR moves to build forest carbon market

The CarbonPH Coalition, an alliance of top Philippine companies championing nature-based solutions, has spotlighted the Philippines’ next steps to build an investable forest carbon market, as the Department of Environment and Natural Resources (DENR) outlined measures to strengthen project registration, carbon baselines and monitoring.

At the recent session of the Aboitiz Equity Ventures-hosted CarbonPH Coalition Education Series (CCES) that gathered representatives from government and business and carbon market experts, DENR Forest Management Bureau assistant director Ray Thomas Kabigting announced the development of a registry to track forest carbon projects and projected credits, and map potential project areas.

He said the bureau has also operationalized its National Forest Monitoring System and developed satellite-based monitoring capabilities.

Kabigting said the DENR is also preparing to engage businesses more closely on financing and commercial considerations.

Ready to convene with the business sector

“The DENR’s Forest Management Bureau is ready to converse with the business sector in a more scaled-up way wherein we’re talking about financing, we can already understand balance sheets, and we can produce policies that are actually aligned with business concepts and business science rather than just pure forestry science,” he said.

For her part, AEV first vice president and chief reputation and sustainability officer Ginggay Hontiveros-Malvar stressed that attracting capital should not come at the expense of environmental and social safeguards.

“Leadership begins with integrity. Carbon markets must deliver real climate impact. They must be credible and transparent. And importantly, they must create meaningful value for our forests, our communities, and the people who protect and depend on them,” she said.

Participation in the ASEAN Common Carbon Framework

The session also explored the Philippines’ potential participation in the ASEAN Common Carbon Framework. The country currently participates as an observer as the regional initiative works to improve carbon market interoperability and align standards.