The Department of Energy (DOE) is set to meet with 120 stakeholder representatives from the private sector this week to gather feedback on the draft Carbon Credit Policy it is developing in a bid to attract investments in clean energy.
The DOE said the public consultation will be convened on Tuesday, August 19, to hear feedback on the draft department circular which will provide general guidelines for the issuance, management, and monitoring of carbon credits in the energy sector.
“This Carbon Credit Policy is a game-changer for the Philippine energy sector,” DOE undersecretary Felix William Fuentebella said in an emailed statement.
“It will equip our energy sector with the tools to generate and manage carbon credits with integrity, ensuring every ton of reduced carbon dioxide is real and verifiable. This builds trust and unlocks investment in effective climate solutions,” he added.
The Policy aims to ensure environmental integrity through promoting projects that reduce emissions, enhance transparency and accountability, and align the Philippines’ commitments under the Paris Agreement and other climate frameworks.
To recall, the Philippines and Singapore in August 2024 signed a memorandum of understanding to collaborate on carbon credits under Article 6 of the Paris Agreement. This is seen to help operationalize the implementation agreement that is currently being negotiated. — LA, GMA Integrated News
