Bakawan - Responsible investment in MPAs
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Published 20. Nov 2023 by AnaLeme
Networking and Knowledge Sharing at the DENR-UNDP Consultation Workshop on Carbon

The Consultation Workshop on Developing a Carbon Trading Policy Roadmap for the Philippines marks a significant initiative towards Climate Finance for Nature-Based Solutions (NBS) with the overarching goal of Accelerating Green and Climate Finance (AGCF) in the Philippines.

The event was focused on the Private Sector and drew attendance from a diverse range of project developers, primarily focused on terrestrial carbon. Notably, our team represented one of the few initiatives dedicated to blue carbon, underscoring the importance of forums like these for exchanging information and experiences.

Post-discussions yielded key insights:

  1. The lack of “time permanence” is a challenge because carbon projects now take at least 40 years. However, in the Philippines, agreements can only be at most 25 years, renewable for another 25 years. This still poses a certain risk for investors and developers considering engagement in carbon projects.
  2. There is a pressing need for increased governmental regulations in carbon financing and/or incentives for the private sector to embrace sustainability. Developing guidelines and fostering various projects can significantly contribute to this objective.
  3. Despite its relative youth, the Philippine carbon market is rapidly advancing, drawing global attention due to the country's high ecological importance.
    As the consultation workshops persist, they aim to delve deeper into these issues, with the hope of addressing concerns raised by the private sector effectively.

Having the Ubá local team present at this crucial discussion was a delight. The proximity to other companies and professionals in the sector proves invaluable as we fortify our strategy on blue carbon and collaborate with numerous other institutions. These interactions and collaborations are essential in navigating the evolving landscape of environmental sustainability and specially the conservation of Philippines mangroves.

Special thanks to Atty. Edna Maguigad for inviting Ubá in this momentous event. We look forward to future engagements with policymakers, project developers, and development organizations to further contribute in the advancement of the carbon sector in the Philippines.