Is the Philippines Ready for Nature-related Financial Disclosures?

In the COP15, countries agreed to a Global Biodiversity Framework which sets targets to protect 30% of the earth’s land, inland waters, oceans and coastal areas by 2030 with emphasis on areas important for biodiversity and ecosystem services. Expanding restricted spaces for conservation may present transition risks to mining, agriculture and tourism sectors if applied in the Philippines. The Philippines has sound strategies and comprehensive environmental laws and policies, but some penalties need updating. Taxes, subsidies, fines, and penalties if set high enough, are effective mechanisms to discourage pollutive activities and promote green practices. Policies to attract green investments using incentives are found in the Green Jobs Act and AFRD or the Agriculture, Fisheries and Rural Development Financing Enhancement Act. These recent laws refer to “green” activities, but the term will need further definition.