Low carbon economy bill: a milestone toward decarbonization

THE Philippines, with its rich biodiversity and vibrant culture, faces significant challenges in terms of climate change and energy sustainability. In February 2024, the Swiss Re Institute predicted that typhoons and floods would result in annual economic losses equivalent to 3 percent of our gross domestic product. As a nation highly susceptible to extreme weather events, rising sea levels and other climate impacts, the need for effective climate legislation is urgent.

On August 6, the House Committee on Climate Change, led by Rep. Edgar Chatto, approved the Low Carbon Economy Investment Act of 2023. This landmark bill provides a framework for achieving decarbonization while stimulating economic growth.