Those who responded to a public consultation called for the carbon levy not to be eroded by allowances and for more transparency. Last year, petrochemical firms reportedly received up to 76 per cent in rebates for near-term carbon taxes.
The new Partnership for Carbon Accounting Financials guidance goes beyond the dominant financed emissions metric and could be used to quantify avoided emissions from financing the early phase-out of coal, which has gained momentum in Asia.
Cirebon 1’s financial advisor says the model "might not be replicable" nationwide as grid stability costs were overlooked early on and transition credits – being trialled in the Philippines – may not apply. Updates on the pending transaction are expected at COP29.
EB Studio
Amid escalating climate losses and no net zero goal in sight, a newly proposed Low Carbon Economy Investment Act and ambitious private sector-led initiatives only way for Philippine industries to decarbonise.