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Post-COP27, Philippines lawmakers mull first-of-its-kind climate accountability bill

(Eco Business, 29 Nov 2022) Members of congress who attended the climate talks are pushing for a law that will penalise businesses for overshooting safe levels of greenhouse gas emissions by making them pay fines that will go to affected communities.

A new bill that seeks to penalise companies that emit greenhouse gases above the allowable level is being proposed by members of congress who attended the Conference of Parties (COP27) in Sharm El Sheik, Egypt last week.

The climate accountability bill seeks to establish a reporting facility for greenhouse gas emissions of businesses, where those who go beyond safe levels are fined. Studies estimate the safe level of greenhouse gas concentrations to be between 350 parts per million of carbon dioxide (ppm) and 400 ppm. The penalties will go towards a special fund for financing the claims for loss and damage of affected communities.

“This proposed legislation, perhaps the first of its kind in the world, seeks to institute policies and systems to address climate change, establishing the necessary institutional mechanisms for the protection of most vulnerable communities to loss and damage in the country,” said Edgar Chatto, chair of the house committee on climate change, in a privilege speech on loss and damage and the accountability of fossil fuel companies.

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Eco Business, 29 Nov 2022: Post-COP27, Philippines lawmakers mull first-of-its-kind climate accountability bill