Philippines and Korea negotiate climate cooperation on carbon markets

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.

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.