DMCI seeks carbon credit scheme rules

We’re after carbon credits. In our country, we don’t have a framework for carbon credits

Consunji-led DMCI Mining Corp. is proposing that the government adopt guidelines to obtain carbon credits from green projects in the country, especially among mining companies, to advance the fight against climate change. During a chat with reporters last week, DMCI Mining president Tulsi Das Reyes disclosed that President and Agriculture chief Ferdinand R. Marcos Jr. and Environment Secretary Maria Antonia Yulo -Loyzaga are “on board” with the proposal to help the private sector limit greenhouse gas emissions. “We’re after carbon credits.

In our country, we don’t have a framework for carbon credits. What’s nice about Secretary Loyzaga is that’s one of her primary ideas is to put forward this thing,” Reyes told reporters.

“We would like to help her with Marubeni, our partner. Marubeni has a global framework. They’ve done it in other countries before,” he added.

Carbon credits, also known as carbon offsets, are permits that allow the owner to emit a certain amount of carbon dioxide or other greenhouse gases.

Emission limit

Usually, a credit allows a certain company to emit one ton of carbon dioxide or the equivalent in other greenhouse gases.

For the first nine months of the year, lower nickel ore shipments and average nickel grade sales slashed DMCI Mining’s net income by 17 percent to P1.17 billion during the period from P1.41 billion a year ago.

What’s nice about Secretary Loyzaga is that’s one of her primary ideas is to put forward this thing.

During the third quarter alone, net income went down by 56 percent from P181 million to P80 million due to the combined effect of lower shipment, flattish nickel grade sold, higher selling prices, and favorable average foreign exchange rates.

Total shipments declined slowly from January to September as the Berong mine did better than expected in the first half. Consequently, nickel ore shipments only fell by 25 percent from 1.45 million wet metric tons to 1.09 million WMT.