[THIS IS A PRESS RELEASE]
The Philippines faces significant challenges in reducing carbon emissions, particularly from high-emission sectors like electricity, transport, and industry. In 2023, the country introduced the Low Carbon Economy Investment Act, which establishes a framework to help businesses reduce greenhouse gas (GHG) emissions through mandatory decarbonization plans, a carbon pricing mechanism, and access to carbon markets. This Act emphasizes the importance of encouraging businesses to develop long-term strategies aligned with global climate goals, such as the Paris Agreement. Companies that exceed their emissions limits must contribute to a Decarbonisation Fund, while those who go beyond their targets can earn carbon credits for trade in national and international markets. In the Philippines, electricity and heat production are the largest sources of CO2 emissions, followed by transport. The transport sector alone emits over 29 million tons of CO2 annually, while aviation and shipping add more than 2 million tons. Reducing emissions in these sectors will be crucial for the Philippines to meet its climate targets. Fuel-efficient technologies, like Aderco 2055G, offer practical solutions by improving fuel consumption and reducing emissions by 5.26%. If applied in the transport and shipping sectors, this technology could reduce emissions by over 1.6 million tons of CO2 annually.
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