In Short : Senator Ralph Recto is leading the Technical Working Group (TWG) on carbon pricing. This role positions Recto as a key figure in shaping discussions and strategies related to carbon pricing, an important aspect of environmental policy and climate action.
In Detail : Finance secretary Ralph Recto has called for the need to determine the “most responsive and economically sensitive mode” of carbon pricing for the country.
In a social media post, the Department of Finance (DOF) said Recto yesterday led the technical working group meeting for the preparation of carbon pricing instruments for the Philippines.
The finance chief said carbon pricing instruments serve as a powerful fiscal tool, allowing the government to incorporate the social and external costs associated with carbon emissions.
“While incentivizing both industries and individuals to actively reduce their carbon footprints, they will help the government mobilize financial resources to bolster fiscal space for stronger economic recovery,” the DOF said.
Last December, the DOF said it is conducting a study, in partnership with the World Bank (WB), on the feasibility of complementary implementation of a carbon tax and an emissions trading system.
The carbon tax will put a price on greenhouse gas emissions, while an emissions trading system will fix the quantity of greenhouse gas emissions.
Recto thanked the WB and the Economic Consulting Associates (ECA) for their support in helping the Philippines develop and examine the feasibility of carbon pricing instruments.
The WB was represented by country director Ndiame Diop.
Meanwhile, carbon pricing instrument-emissions trading system specialists and WB consultants William Derbyshire and Yiran Ren represented the ECA.
Recto was joined by Climate Change Commission PH secretary Robert Borje and commissioner Rachel Herrera; Department of Environment and Natural Resources secretary Maria Antonia Yulo-Loyzaga and undersecretary Analiza Rebuelta-Teh; Department of Trade and Industry secretary Alfredo Pascual; Department of Energy Philippines undersecretary Felix William Fuentebella; Department of Transportation director Felicisimo Pangilinan, Jr. and National Economic and Development Authority director Nieva Natural.