House Carbon Pricing Framework Bill: A Step Towards Sustainable Business Practices in the Philippines
The House of Representatives has recently approved on second reading House Bill No. 11375, which aims to establish a carbon pricing framework for Philippine businesses. This move is part of the country’s commitment to meeting its climate targets and addressing the growing concerns over climate change.
The bill mandates that Philippine companies offset their operational carbon footprint by reducing carbon emissions, investing in low-carbon initiatives, or purchasing carbon credits. This framework will require companies exceeding government-set emission limits to invest in environmental sustainability projects to balance their carbon footprint.
As part of the global effort to mitigate climate change, the Philippines ratified a United Nations agreement in 2017 to keep global temperature rise well below 2°C this century. The new carbon pricing bill will have a significant impact on medium and large-sized enterprises, as they will be required to comply with a carbon threshold set by the Climate Change Commission. These companies will need to submit annual compliance reports to the Department of Environment and Natural Resources (DENR), detailing their greenhouse gas emissions and reduction activities.
Carbonify Asia’s Position on the Carbon Pricing Framework
Carbonify Asia, a leading advocate for sustainable environmental practices, supports the government’s move towards implementing a carbon pricing framework. We believe that the proposed bill will serve as an essential step in promoting corporate responsibility and ensuring that businesses actively contribute to reducing their carbon footprints. By incentivizing investments in decarbonization and low-carbon projects, this initiative aligns with our mission to create a cleaner, more sustainable future.
We encourage Philippine companies to begin evaluating their carbon emissions and explore opportunities to integrate carbon-reducing solutions into their operations. Carbonify Asia is committed to providing solutions that help businesses meet these new regulations while contributing to the collective goal of addressing climate change.