NextGen Day

On implementing any type of carbon pricing, the Philippines is urged to follow the lead of its Southeast Asian neighbors, Indonesia, Malaysia, Singapore, and Thailand.

The Asian Development Bank (ADB) Economic Research and Regional Cooperation Development economist David Raitzer said on the sidelines of the ADB’s Asian Development Outlook (ADO) 2023 Thematic Report Launch in its headquarters here on Thursday that the nation could implement carbon taxing or a carbon trading system to accelerate the reduction of its greenhouse gas emissions.

The recently issued ADO 2023, according to Raitzer, also discusses the benefits and drawbacks of a carbon tax policy and a carbon credit system, which may enable the nation to determine the optimal carbon pricing strategy that is more advantageous for the market.

“Taxation is typically easier to implement because it can be imposed simply as a gasoline charge. In contrast, he told the Philippine News Agency (PNA) that a trading system requires far more monitoring. However, in a trading system, the market decides the price after the emissions objective is set.

Although there is no national policy on carbon pricing, there are legislative efforts to pursue a carbon tax and a carbon credit system.

Energy secretary Raphael Lotilla stated that his department must carefully evaluate taxes on the energy industry because implementing the carbon tax could further increase the nation’s already high electricity rates.

The ADB analysis demonstrates how sensitive Asia is to climate change.

In 2100, climate change might result in gross domestic product losses of 24% in emerging Asia and 30% in Southeast Asia under a high carbon emissions scenario.

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