PH eyes carbon credit scheme for farmers

The Philippine Council for Agriculture and Fisheries (PCAF) is exploring a carbon financing scheme to help boost farmers’ income.

PCAF’s national sectoral committee on coconut convened government agencies and industry players to address various concerns in farming and coastal communities, including establishing a system that enables coconut farmers to generate additional income through carbon credits.

“The main goal of the new framework is to set up the necessary digital data systems and clear monitoring tools. These systems will help small farmers easily participate in global carbon markets, creating new ways to earn while fighting climate change,” PCAF said in a statement on Tuesday.

During its high-level meeting held early this month, PCAF discussed the policy framework of the Department of Environment and Natural Resources (DENR) for the voluntary forest carbon market.

The DENR policy is anchored on Article 6 of the Paris Agreement, which allows countries to pursue voluntary cooperation to attain climate targets. It includes the transfer between countries of carbon credits earned from reducing greenhouse gas emissions.

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The Philippine Statistics Authority outlined the Philippine ecosystem and natural capital accounting system, which outlines the parameters for determining the economic value of the country’s natural resources.

For its part, the Philippine Coconut Authority presented its coconut carbon projects to show how 347 million coconut trees across 3.6 million hectares can naturally trap and store pollution from the air.