By Marinel Peroy
The proposed Low Carbon Investment Act and Bamboo Sustainability Act offer substantial eco-friendly business opportunities for the Philippines, it was learned at the recent sustainability forum hosted by the Switzerland Chamber of Commerce Philippines.
Rep Jose Manuel Alba (1st District, Bukidnon), Vice Chairman of the Committee on Sustainable Development Goals in the House of Representatives, said these bills can reshape the country’s economic and environmental landscape by encouraging low-carbon investments and mainstreaming the use of engineered bamboo in construction.
“The Low Carbon Investment Act and the Bamboo Sustainability Act are not just about capturing carbon or reducing emissions. It is our collective contribution in reshaping our world for the better. It’s about fostering innovation, encouraging sustainable practices, and taking responsibility for the legacy we leave behind,” he said.
The Low Carbon Investment Act introduces a unique hybrid model with flexible compliance options to address carbon emission liabilities and encourages broad private sector participation, including renewable energy, sustainable transportation, energy efficiency, and advanced carbon capture technologies.
Alba noted how the Philippine bamboo, which is endemic and abundant in the country, remains underutilized.
The discussion covered the potential of bamboo as a sustainable construction material and the need for policy support to mainstream its use.
Together, forum participants discussed the need for better reporting and harmonization of sustainability standards, the role of SMEs in driving economic growth, and the importance of including key players (from the government to private sectors) in sustainability efforts.
“The way forward requires not only cutting of emissions, but also reimagining our systems, energy, transportation, agriculture and all other industries a vital component of this transformation is investment, specifically low carbon investment,” said Alba.
In the same sustainability forum, the Swiss chamber highlighted the importance of low-carbon economy investments in the Philippines. “Switzerland has been dedicated to climate action for a long time and has made important progressive investing in a lower-carbon economy,” said Céline Fürst, Deputy Head of Mission at the Embassy of Switzerland. She underscored Switzerland’s eagerness to collaborate with the Philippines in fostering a sustainable future.
The forum gathered stakeholders, government officials, and private sector leaders who discussed the potential of these investments.
Nicolas George, President and CEO of Holcim Philippines, emphasized the need for a balanced approach in the Philippines’ decarbonization journey, ensuring that local industries are not adversely affected.
Chuchi Fonacier, Deputy Governor of Financial Supervision at Bangko Sentral ng Pilipinas (BSP), spoke on BSP’s role in green finance and the importance of transition finance, while Katreena Pillejera of the Global Reporting Initiative highlighted the role of SMEs and other entities in driving sustainability.
Despite these steps, the Philippines has yet to commit to a net-zero target among ASEAN nations.
Ms. Pillejera shared that it’s more about “the willingness to participate and contribute,” rather than just readiness, as the key factor in advancing climate goals.
The Global Reporting Initiative official pointed out that in the Philippines’ Nationally Determined Contribution (NDC) target of 75% greenhouse gas emissions reduction, only 2.71% will come from local resources, with the remainder reliant on international support.
“We’re not ready, but we could be,” she added, underscoring the importance of setting baselines and identifying achievable carbon reduction goals for companies and SMEs across the country.
Alba said the challenge is in balancing environmental issues with economic opportunities. He highlighted the necessity of adopting a low-carbon economy to address climate change and achieve net zero by 2050.
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