The Earth facing a rapid warming chiefly due to our own activities is a known fact, and Philippines is not an exception. The increase in sea-level, temperature and precipitation are evidences of global warming in our country. With global warming, we should be expecting a more humid environment, recurrent storms and fickle weather patterns which, without a doubt, awfully unhealthy.
Global warming results from the ever-increasing amount of greenhouses gases (GHG) in our atmosphere. In this modern age, the rise of different establishments that give-off GHGs is inevitable.
As a solution to this dilemma, an agreement for reducing emissions of GHG known as the Kyoto protocol was realized. It was signed on December 1997, but was not ratified until February 2005, when over 130 countries took part with the said treaty.
Given the time frame of 2008-2012, it aims to reduce GHG emissions by 5.2% based on 1990 levels. To achieve this, participating developing countries are expected to reduce GHG emissions while developing countries are subjected to general commitments associated with the fulfillment of the objectives.
The protocol provided three mechanisms, Emissions trading, Joint Implementation and Clean Development Mechanism allowing us to participate through CDM. CDM states that developed countries can invest in projects in a developing country, like us, to curb emissions of GHG. Evidently, it is a win-win situation, developed countries are able to meet their obligations which awards them Certificates of Emissions Reduction Units (CERs), as well as facilitate the advancement of the developing countries.
Our country’s copious resources appealed to developed countries as a CDM potential. Needless to say, to get involve comes with some requirements, the ratification of CDM and designation of CDM National Authority, which we keenly completed by June 2004.
Philippine CDM projects include the North Wind Bangui Bay Project and Philippines-Austria Partnership, which not only attract investors but alleviate GHG emissions as well. Hence, the ratification of Kyoto Protocol in the Philippines is considered as a significant ingredient in our development both in the industry and the environment.