FREEPIKTHE House of Representatives on Tuesday approved on second reading a bill establishing a carbon pricing framework for Philippine companies in a bid to meet the country’s climate targets amid climate change concerns.
In a voice vote, lawmakers approved House Bill No. 11375, which mandates Philippine enterprises to offset its operational carbon footprint by reducing its carbon emissions, investing in low-carbon ventures or through carbon credits.
“The measure creates a carbon pricing framework that requires companies exceeding government-set emission targets to spend or invest in environmental sustainability projects to offset their carbon footprint,” Bohol Rep. Edgar M. Chatto, who heads the House climate change committee, told the House floor.
The Philippines ratified in 2017 a United Nations agreement to keep global temperatures rise below 2°C this century.
Medium and large-sized enterprises would be required to partake in the government’s decarbonization efforts, complying with a carbon threshold to be set by the Climate Change Commission.
Covered companies are required to submit a yearly compliance report to the Environment department’s, which should contain greenhouse gases emission levels and its “reduction activities” to lessen their carbon footprint. — Kenneth Christiane L. Basilio
