Philippines Leads ASEAN Push On Carbon Markets
MANILA, Nov 13 (NNN-PNA) -- The Philippines, through the Department of Finance (DOF), is leading regional efforts to develop and harmonise carbon markets across Southeast Asia, the Philippine News Agency (PNA) reported.
In a statement on Friday, the DOF said the move aims to attract more private investments for climate action and support ASEAN transition to a low-carbon, climate-adaptive, and resilient economy.
“Carbon markets are a vital instrument for ASEAN prosperity. By creating a market for trading carbon credits, we can attract investments for climate action. They unlock private capital to reduce emissions. They also channel investments into renewable energy and nature-based solutions,” Finance Secretary Frederick Go said in a recent forum.
The DOF said carbon markets allow companies that produce greenhouse gas emissions to buy carbon credits from projects that reduce or remove these emissions, creating an incentive to invest in cleaner solutions that help protect the environment.
Under the Philippines’ ASEAN 2026 Chairship, the DOF Climate Finance Policy Group (CFPG) co-hosted the ASEAN Carbon Markets Development and Harmonisation Forum 2026 together with the Securities and Exchange Commission (SEC) and in partnership with the Asian Development Bank (ADB) under the ASEAN Climate Finance Policy Platform (ACFPP).
The forum is an initiative under the Philippines’ Priority Economic Deliverable on “Sustainable and Resilient ASEAN Capital Markets", aligned with the ASEAN Capital Markets Forum (ACMF) Action Plan 2026–2030.
It provides a platform for member states to discuss policies, cross-border carbon credit trading, and alignment of national carbon registries and monitoring systems.
During the forum, the Philippines explored the possibility of an ADB-supported ASEAN Carbon Market Implementation and Interoperability Study, which will help ASEAN member states advance carbon market development, strengthen interoperability, and mobilise greater private capital for climate action.
Go said the initiative complements the country's Sustainable Finance Framework, Philippine Climate Finance Strategy, and updated Nationally Determined Contributions (NDCs).
In the case of the Philippines, the Carbon Market Policy Framework established under Executive Order No. 127, series of 2026, allows the country to be in a better position to participate in regional and international carbon markets, unlocking new opportunities for high-value green investments.
--NNN-PNA
