Connect with us

Hi, what are you looking for?

Economy

Philippines commits to 75% reduction in greenhouse gas emissions by 2030

President Rodrigo R. Duterte has approved the Philippines’ first Nationally Determined Contribution (NDC) which aims to reduce greenhouse gas (GHG) emissions by 75% by 2030, the Finance department said on Friday.

The five-page NDC details the country’s goal of modernizing and pursuing low carbon and resilient development for the agriculture, waste, industry, transport and energy sectors over a ten-year period beginning 2020.

“The target is based on the country’s projected business-as-usual cumulative economy-wide emission of 3,340.3 metric tons (MT) of carbon dioxide equivalent (MtCO2e) for the same period,” the Department of Finance said in a statement.

Of the 75% target, some 72.29% will be conditional or dependent on the support of climate finance, technologies and capacity development which is set to be provided by developed countries. The rest of the target will be implemented through domestic resources.

NDCs are at the heart of the Paris Agreement on Climate Change, which seeks to limit the global temperature rise to preferably below 1.5 degrees Celsius. NDCs detail the efforts of countries in reducing emissions and adapting to the impacts of climate change.

Finance Secretary Carlos G. Dominguez III, who is the chairman-designate of the Climate Change Commission (CCC), described the country’s NDC target as “ambitious.” The CCC facilitated the formulation of the NDC.

“The NDC will be our tool to upgrade our economy by adopting modern and low carbon technologies and approaches that would help mitigate the climate crisis and make our economy more resilient and our growth sustainable,” he was quoted as saying.

Based on the NDC registry of the United Nations Framework Convention on Climate Change (UNFCCC), the Philippines is the latest country that has submitted its NDC, as of Thursday.

‘ACHIEVABLE’

Nazrin Camille D. Castro, manager of the Philippine branch of global non-profit The Climate Reality Project, said that the NDC will enable the country to unlock new sources of climate finance “that will help the just and equitable transition away from coal, oil, gas, and fossil fuel-based energy systems.”

“The 75% GHG reduction and avoidance target is achievable if the government could come up with formidable and bankable climate change mitigation and adaptation projects that will enable us to access international climate finance mechanisms such as the Green Climate Fund,” Ms. Castro told BusinessWorld in an e-mail interview on Friday.

She added the country’s ability to reach the NDC target depends on the public and private sector’s efforts in building back better, an opportunity which the global health emergency has presented.

Albert A. Magalang, Chief of Climate Change Service at the Department of Environment and Natural Resources, said that the target is “high and ambitious”, but its fulfillment will mostly depend on support from other countries.

“The achievement of the Philippines’ 75% target would mainly depend on the support and the means of implementation that will be provided to the country as most of the mitigation target is conditional,” Mr. Magalang told BusinessWorld in an e-mail interview on Friday.

“The global health emergency may affect the level of support that will be provided from the developed countries but on the other hand, the global emissions may have also (been) reduced due to low economic activity during the pandemic,” he said, in response to a question on whether the country can reach its target given the pandemic.

Meanwhile, environment group Greenpeace Philippines described the target as “underwhelming.”

“It’s disappointing that despite strong calls from the public and environmental groups, the government barely made changes from the underwhelming target of 75% conditional and 2.71 percent unconditional emissions reduction by 2030,” Greenpeace campaigner Khevin Yu said, referring to the draft presented during the 2nd NDC Multistakeholder Consultation held in February.

“With unambitious plans for carbon-intensive sectors, the commitment does not reflect the urgency needed to address the climate emergency,” he added.

On Friday, the DoF said that crafting the NDC followed a “rigorous” process, which included economic modeling analyses, expert reviews and consultations with various stakeholders from the public, private and civil society sectors.

Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Get the daily email that makes reading the news actually enjoyable. Stay informed and entertained, for free.
Your information is secure and your privacy is protected. By opting in you agree to receive emails from us. Remember that you can opt-out any time, we hate spam too!

Latest

Investing

Post Office collection and cash delivery workers are to stage a one-day strike later this month in a dispute over pay. Members of the...

Investing

UK consumers cut back on credit card borrowing in May amid fears over rising interest rates and a slowing economy driven by a cost...

Investing

The bank said that it was introducing a £1,200-a-year pay increase from August 1, which would start to show in next month’s pay packets....

Investing

Postmasters caught up in the Horizon IT scandal say that they are still being “left in the dark” about a compensation package after the...

Economy

Expenditures for environmental protection declined by 4.6% year on year in 2021, data from the Philippine Statistics Authority (PSA) showed. The statistics agency’s Compendium...

Investing

BT staff have voted for their first national strike in 35 years, which is expected to affect customers across the country having broadband services...

You May Also Like

Investing

Having a good Instagram marketing agency to back up your Instagram account is an absolute must going into the new year. With competition stronger...

Economy

Ivermectin, an existing drug against parasites including head lice, has had a checkered history when it comes to treating COVID-19. The bulk of studies...

Investing

Insomnia is the most common sleep disorder in the global population. Therefore, it is a problem that many people suffer or have suffered throughout...

Investing

As a traditionally rigid insurance industry becomes bogged down by antiquated processes and operations, a handful of industry leaders are seeking to shake things...

Disclaimer: SmartRetirementReport.com, its managers, its employees, and assigns (collectively "The Company") do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

Copyright © 2021 SmartRetirementReport. All Rights Reserved.