"Carbon pricing instruments serve as a powerful fiscal tool, allowing us to incorporate the social and external costs associated with carbon emissions," Recto said during the Technical Working Group (TWG) Meeting for Preparing Carbon Pricing Instruments for the Philippines led by the Department of Finance (DoF) on Tuesday.
Recto emphasized that the Philippines, despite contributing only 0.48 percent to global carbon emissions, is highly susceptible to the effects of global warming due to its geographical location.
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