OFW Party List Representative Marissa ‘Del Mar’ Magsino filed House Bill 10633, also known as the “Low Carbon Economy Act,” to promote and sustain a low carbon economy in response to the ongoing impacts of climate change.
Magsino emphasizes the importance of aligning with the Paris Agreement on Climate Change wherein the Philippines is a signatory. The bill aims to set greenhouse gas (GHG) emission caps for industrial and commercial establishments, individuals, and other entities. These caps will be determined by the Department of Environment and Natural Resources (DENR) and the Department of Science and Technology (DOST), allowing only a specified amount of greenhouse gas emissions over time.
“From 2010 to 2019, global greenhouse gas emissions reached unprecedented levels. Without immediate and strategic reductions in GHG emissions across all sectors, it will be impossible to limit global warming to 1.5 degrees Celsius,” Magsino stated.
Rep. Magsino said the bill advocates for the use of alternative fuels and the implementation of relevant policies, infrastructure, technology, and behavioral changes to support a low carbon economy.
To incentivize companies, the bill introduces a compensation measure whereby companies investing in GHG reduction projects, such as forestry, renewable energy, carbon capture and storage, and methane emission reduction, will receive carbon credits from the Department of Environment and Natural Resources. These credits can be sold, exchanged, purchased, or traded.
“The concept of carbon credits and carbon trading mechanisms is designed to gradually reduce our country’s overall carbon emissions, which helps to mitigate their adverse effects on climate change. Sabi nga, iisa lang ang mundo natin. Kailangan nating pagtulungan na ito’y maalagaan lalo na laban sa banta ng climate change,” Magsino stated.
House Bill 10633 was recently discussed during the committee hearing of the Committee on Climate Change and was consolidated with House Bill 7705 authored by Committee Chairperson Edgar Chatto.
The substitute bill has been approved by the members of the Committee on Climate Change on August 6, 2024.
