MANILA – In 1997, the United Nations Framework Convention on Climate Change (UNFCCC) adopted the Kyoto Protocol – an agreement among signatory states to reduce greenhouse-gas emissions.
In 2012, however, the Clean Development Mechanism, a system of carbon credits in which each credit represents a country’s right to emit one tonne of carbon dioxide (CO2), is set to expire. While policymakers struggle to extend it, carbon-finance specialists are seeking market-driven alter...
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