PH joins AZEC in decarbonization push vs. climate change

President Ferdinand ''Bongbong'' Marcos Jr. on Monday joined other leaders comprising the Asia Zero Emission Community (AZEC) in making a commitment to adopt various measures toward decarbonization to address the negative impacts of climate change.

In the AZEC Leaders’ Joint Statement released in Tokyo, Japan, leaders from various Asian countries vowed to advance cooperation toward carbon neutrality and net zero emission with the end goal of maintaining the increase in the global average temperature to well below two degrees Celsius above pre-industrial levels.

They agreed to promote decarbonization towards carbon neutrality while also achieving economic growth.

“We welcome the outcome of the first Asia Zero Emission Community (AZEC) Ministerial Meeting held in March 2023 in Tokyo, which set up these common understanding among partners countries,” the joint statement said.

Further, the leaders agreed to promote policy support and collaboration in tangible projects through tailored approach towards decarbonization with the use of various technologies such as heat pumps, scaling up renewable energy, energy storage, regional interconnectivity and improving grid flexibility.

They also affirmed the importance of adequate financing to support the acceleration of energy transitions in the region as they highlight the necessity for transition finance as a financial instrument to achieve whole-of-economy transition in the energy sector.

The leaders also recognized the importance of promotion and implementation of high integrity carbon markets and crediting schemes such as through collaboration models, but not limited to the Joint Crediting Mechanism.—RF, GMA Integrated News