The transformative impact of circular economy in meeting climate targets was highlighted during a forum organized by the Philippine Government and the United Nations Development Programme (UNDP) during the 2023 United Nations Climate Change Conference, or commonly referred to as COP28.
As a country that is highly susceptible to climate risks, the Philippines has made substantial progress in shifting towards a circular economy in recent years. Key highlights are:
1. The Phiippines has enacted in 2022 the landmark Extended Producer Responsibility (EPR) Law which addresses waste reduction, recovery, recycling, product design, and producers’ full responsibility throughout the life cycle of their product. Thus, presently, there are incentive mechanisms in place that facilitate the implementation of EPR and its circular and green economy initiatives.
2. With the Philippine Green Jobs Act of 2016, the Philippines has also worked on the integration of the informal sector into the circular economy value chain and the implementation of the Act with the Department of Labor and Employment (DOLE). This supports re-skilling and provides social safety nets for those affected to ensure an inclusive and just transition.
3. Aside from the EPR and the Philippine Green Jobs Act, the country is also pushing for more legislations to support the circular economy such as the imposition of excise tax on single-use plastics.
4. The Department of Finance (DOF) of the country has also led the initiative in developing the Sustainable Finance Roadmap, which offers the necessary environment and policy signals to bolster the Philippines’ transition towards a low-carbon and climate-resilient economy.
5. The Philippine government also recently signed a EUR 60 million (USD 64.7 million) Green Economy Program with the European Union (EU), a financing agreement that aims to support the country’s transition to a green economy. Implemented in partnership with UNDP, GIZ, Expertise France, and the International Finance Corporation, the program will focus on national policy and dialogue, empowering local governments, engaging the private sector, and facilitating learning exchanges with EU member states.
Source: Eco-Business
