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Scheme will cover up to 400 major emitters and set a floor and ceiling on CO2 prices ahead of 2027 market launch.
The government proposed allowing steel, cement and other export-exposed sectors to cut chargeable emissions by up to 80 per cent as carbon pricing begins in 2026. Experts warned this could undermine decarbonisation investments.
The South Korean government, which was "silent" during last week’s sessions, must demonstrate stronger leadership and rally support in the next meeting, said nonprofit Solutions for our Climate. China voted to delay the net zero framework, while Japan abstained from voting.
But the new rules could “fragment” the Philippine carbon credit system since they are only for the energy sector, without any overarching cross-sectoral carbon framework, say industry observers.
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