Philippines and Korea negotiate climate cooperation on carbon markets
What happened
The Philippines and Korea are negotiating two cooperation agreements involving joint work on carbon market mechanisms, according to the Department of Environment and Natural Resources. These agreements, which meet Article 6 of the Paris Agreement, will cover greenhouse gas emissions reduction, water resource management, and ecosystem-based disaster risk reduction. The talks aim to conclude before a bilateral summit in November.
From bworldonline.com
Why it matters
The agreements prioritize translating climate goals into policies, investments, and measurable outcomes, utilizing Article 6 of the Paris Agreement for cross-border transfer of emissions reductions. The cooperation also includes official development assistance provided by the Korea International Cooperation Agency.
From bworldonline.com
Who's involved
- PhilippinesNegotiating partner for joint climate cooperation
- Korea International Cooperation AgencyProviding official development assistance and aid projects
- Department of Environment and Natural ResourcesPhilippine government agency leading the environmental negotiations
- KoreaPartner in the climate cooperation talks
Who could feel it
Possible knock-on effectsThese are possibilities Brind reasoned out, not predictions, and not advice. Most are not stated in any report.
- Department of EnergySpeculative
The Department of Energy might face regulatory shifts and investment in energy policy due to carbon market negotiations.
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The entities involved
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Philippines
archipelagic country in Southeast Asia
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Korea International Cooperation Agency
Korea International Cooperation Agency
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