Carbon market plan offers income opportunities — BBM

President Ferdinand Marcos Jr. has issued Executive Order (eo) 127, which seeks to create income opportunities for Filipinos through environmental protection activities, including tree planting, forest conservation and pollution reduction.

The order mandates the formulation of the Philippine Carbon Market Policy Framework to support the country’s climate commitments under the Paris Agreement, attract investments in green projects and establish rules for the trading of carbon credits.

Executive Secretary Ralph Recto said communities, farmers, businesses and other groups that help reduce pollution or absorb greenhouse gases could earn additional income through qualified environmental projects.

Under the framework, eligible projects could generate carbon credits that may be sold to companies or other buyers seeking to meet their climate commitments.

Recto cited communities that plant and protect trees as potential beneficiaries, since trees absorb carbon dioxide from the atmosphere.

“In other words, people can earn from planting and caring for trees, using clean energy, and engaging in other activities that help protect the environment. You will be given carbon credits for every activity proven to have reduced greenhouse gases, which can be sold,” Recto said.

He stressed, however, that projects must meet government standards and undergo proper verification before qualifying for carbon credits.

Registry

Recto said the initiative could encourage investments in reforestation, sustainable agriculture, renewable energy and waste management while creating livelihood opportunities, particularly in rural communities.

“We’re hitting two birds with one stone. The President wants to protect the environment while helping people earn more,” he said.

Revenue from carbon credits could also help finance climate adaptation projects, including resilient infrastructure, water facilities and other essential services, Recto added.

Under EO 127, the Department of Environment and Natural Resources (DENR) will develop rules on project eligibility, carbon credit measurement and verification, and the sharing of revenues and other benefits.

The DENR will also establish a Philippine National Carbon Registry to monitor carbon credits and prevent double counting and other irregularities.

An interagency committee chaired by the Climate Change Commission, with the Department of Finance as vice chair, will oversee the development and implementation of the policy.