Markets for carbon sequestration services: assessment of opportunities and challenges for policy reforms
2007
Espiritu, N.O. | Casin, C.S. | Corpuz, E.B. | Ranola, F.M., Philippines Univ. Los Banos, College, Laguna (Philippines). Forestry Development Center
Interest in the concept of market and payment of environmental services (PES) in many developing countries like the Philippines is growing rapidly in the face of the continuing degradation of the forests and natural resources. PES is a mechanism that intends to promote the proper production and use of environmental services through the creation of markets. The mechanism basically links service providers and service beneficiaries through a payment system. Environmental services by the forest include carbon sequestration along with watershed protection, landscape and seascape beauty, and biodiversity conservation. Carbon sequestration involved two types of services: active carbon absorption through reforestation and avoided emissions through conservation of forest cover. Markets for carbon sequestration have a great potential in the Philippines due to the presence of large land areas needing reforestation. This paper presents a review and assessment of various laws and policy issuances on carbon sequestration service. The various laws, rules, and regulations and policy issuances were analyzed based on the following variables: a) form of payment and its assessment; b) presence of earmarked funds to be plowed back to service providers with transparent processes and procedures for disbursement; c) presence of institutional mechanisms and procedures for fund disbursement; and d) locally determined priorities and mechanisms for payment. Particular attention is paid to necessary conditions needed for the payment system to perform best as a policy instrument for attaining environmental and socioeconomic objectives.
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