PH eyeing carbon tax on power sector

The Philippine government is reportedly eyeing imposing a carbon tax on its power sector as a greenhouse-curbing and revenue generating measure.

In October, the Philippines also stopped accepting proposals to build new coal plants and shifted policy toward a preference to renewables given their declining costs. Foreign investors may now invest in geothermal power plants.

Global emissions plunged by almost two billion tons in 2020, the largest decline in history. Over half of that decline was due to lower use of fuel for road transport and aviation.

The 2015 Paris Agreement enjoins nations to cap the rise in global temperatures “well below” two degrees Celsius compared with preindustrial levels, and to strive for a ceiling of 1.5 degrees Celsius if possible.

Earth’s surface is already 1.1 degrees Celsius warmer on average, enough to increase the frequency and intensity of deadly heatwaves, droughts and superstorms plus rising seas.

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