SEC partners with Japan, DENR to strengthen emissions reporting

MANILA, Philippines – The Securities and Exchange Commission (SEC) has signed an agreement with Japan’s Environment Ministry and the Department of Environment and Natural Resources (DENR) to strengthen greenhouse gas reporting ahead of stricter sustainability disclosure rules in the Philippines.

Signed on May 28, the agreement reflects the three agencies’ commitment to improving climate transparency and enhancing cooperation on emissions accounting and reporting frameworks. 

READ: DOF ramps up climate financing push with Asean+3, Jica support

Signatories were SEC commissioner McJill Bryant Fernandez, MOEJ vice-minister for global environmental affairs Kentaro Doi and DENR undersecretary Analiza Rebuelta-Teh.

The collaboration forms part of the Partnership to Strengthen Transparency for co-Innovation (PaSTI), a Japanese initiative launched in the Philippines in 2019. 

Under the program, the SEC joined technical activities to enhance its understanding of global emissions measurement and verification systems linked to sustainability disclosures.

Meanwhile, the regulator added that the partnership supports its broader efforts to strengthen sustainability and climate-related reporting in the country.

Fernandez said reliable sustainability-related information requires coordination among environmental authorities, financial regulators, the private sector and international partners.

“We acknowledge that climate transparency cannot be achieved by the financial sector alone,” he said, noting the need for reporting systems that are credible, practical and responsive to stakeholder needs.

For her part, Rebuelta-Teh said the PaSTI project aims to help transition the private sector from voluntary to mandatory GHG reporting.

In addition, she said aligning DENR and SEC systems would streamline climate disclosures and help firms prepare for global mechanisms such as the EU’s Carbon Border Adjustment Mechanism and Article 6 carbon markets.

The SEC said the partnership highlights the growing need for transparent and comparable climate-related disclosures.

The agency reaffirmed its support for initiatives that will help the country achieve its Nationally Determined Contributions targets under global climate commitments. /pai INQ