[OPINION] No room for ‘business as usual’ in era of climate emergency

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Change against climate change is difficult for any sector, but change we must if we want to overcome its worsening impacts. Businesses are not exempted from this responsibility.There are several plans and policies that the Philippine government is developing to address climate-related issues involving the private sector. All of these are in line with the country’s goal of low-carbon, climate-resilient development.

Any pathway to a low-carbon economy must be aligned with national targets, currently slated to be presented in the upcoming NDC Implementation Plan. It provides the roadmap on how the country plans to justly transition while reducing its GHG emissions by 75% within the current decade, largely by attracting investments and securing foreign support totaling up to P3.6 trillion.

Limiting GHG emissions or introducing climate-relevant regulations does not equate to hindering economic development. In fact, multiple reports have already proven that “business-as-usual” operations would lead to more economic losses than gains at the global or national level.worth of fossil fuel assets are projected to become stranded, including coal and gas; these costs increase with higher temperatures.

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