The Philippines Department of Environment and Natural Resources (DENR) has formalised a biodiversity and climate change agreement with a major renewable energy firm in a bid to drive larger private-sector investments into nature-based solutions.
DENR initially signed a Memorandum of Agreement (MoA) with the Energy Development Corporation (EDC) last July on protecting native tree species, but that has now been expanded to include the conservation, management, and restoration of ecosystems and biodiversity, the ministry announced Friday.
“Under the agreement, DENR and EDC will work together to restore denuded forests and other habitats, preserve and propagate threatened native species, and safeguard ecosystem services and biodiversity that protects against climate change,” it said.
The two will carry out a stocktaking of data, studies, methodologies, and policies related to nature-based solutions in the megadiverse country.
“The DENR shall use its natural resources database to identify areas with minimal physical, legal, climate, and social risks that are appropriate for restoration or conservation, and provide necessary information, including technical, legal and social information to assess the viability of the sites for the project,” the announcement said.
“On the other hand, EDC shall conduct feasibility studies on ecosystem development and carbon product opportunities among the candidate NBS sites. It shall also provide resources for the development and implementation of the project, and hold regular coordination meetings to report on the progress of the project.”
Environment Secretary Antonia Loyzaga said the MoA will be “instrumental” and a way for the government to attract assistance in addressing nature loss and climate change.
“The DENR-EDC partnership also aims to promote public-private collaboration on the conservation and expansion of natural habitats through encouraging private sector participation to amplify government efforts, and formulating a one-stop-shop process to facilitate and ensure the successful implementation of local NBS projects,” said the announcement.
Last year, Loyzaga said the Southeast Asian nation was considering introducing a biodiversity credit market in order to incentivise private sector investment, as the country partnered with the One Planet Initiative.
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