The move is seen as a game changer for improved transparency, by businesses and civil society alike. Some say it is a signal that guidelines by the International Sustainability Standards Board (ISSB) are ready to be applied in China’s mainland market.
Members of a technical working group closely working on the legislation flags that the government currently lacks in capacity to monitor a cap and trade scheme under the proposed law. An unreliable system could lead to misreporting.
Wind and solar expansion in the archipelago could mean renewables targets are met, but it has also worried environmentalists. A proposed wind farm in the Masungi Georeserve in Rizal province could impact up to a thousand hectares of karst landscape.