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The pact aims to let carbon credits trade across Southeast Asian borders – as an industry-led framework, it now looks to Asean governments to build on its work.
The financing will support the country’s carbon market, emissions reductions across key sectors and climate adaptation reforms.
A new transition roadmap will examine support for workers and smaller businesses, but participation and implementation funding remain unclear.
But the framework’s contribution to Philippine climate ambition remains uncertain, as the country’s updated pledge lacks a 1.5°C-aligned decarbonisation pathway and clarity on how much of its conditional target will be met through carbon markets, says civil society.
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