The Philippines and South Korea are negotiating two cooperation agreements involving joint work on carbon market mechanisms, the Department of Environment and Natural Resources (DENR) said.

Environment Secretary Juan Miguel T. Cuna said the two governments are accelerating talks on a memorandum of understanding (MoU) on environmental cooperation and a separate MoU on climate change cooperation, both of which meet the requirements of Article 6 of the Paris Agreement.

The two sides hope to conclude negotiations before a bilateral summit in November, to be held during the 49th ASEAN Summit in Manila, making that gathering the next checkpoint for whether the carbon market partnership moves from negotiation to signature.

According to Mr. Cuna, the MoUs will also cover greenhouse gas emissions reduction, water resource management, and ecosystem-based disaster risk reduction. Article 6 of the Paris Agreement sets out how countries can cooperate through carbon markets, including the cross-border transfer of emissions reductions. Under this framework, verified emissions reductions achieved in one country can count toward the climate commitments of another, which is why governments typically negotiate Article 6-aligned agreements before jointly developing carbon credit projects across borders.

Mr. Cuna met with South Korean Deputy Minister for Climate Change Jongho Kyun on the sidelines of the 81st UN General Assembly High-Level Week and Climate Week NYC 2026 in New York.

“As we move toward COP31, we see the priority increasingly shifting from commitments to implementation and delivery, translating climate goals into policies, investments, technologies, and measurable outcomes,” Mr. Cuna said. The MoU talks with South Korea reflect that pivot, pairing diplomatic agreements with on-the-ground cooperation in emissions reduction, water management, and disaster resilience.

The Environment chief also thanked South Korea for its official development assistance through the Korea International Cooperation Agency, citing its support for marine plastics reduction, emergency aid during the Mindoro oil spill, and the recent transfer of the marine clean-up vessel MV Nilad for use in Manila Bay.

The two officials also discussed the need for a clear pathway for vulnerable countries to access the Fund for Responding to Loss and Damage, following the floods in Nepal. The fund is the dedicated financing mechanism created under United Nations climate negotiations to help countries address climate impacts that go beyond what adaptation measures can prevent. Mr. Cuna said access arrangements are particularly important for the Philippines, which continues to face significant climate-related hazards.

Mr. Cuna said the partnership with South Korea will remain important for regional sustainability. Attention now turns to Manila in November, where the two governments aim to have both MoUs concluded on the sidelines of the ASEAN summit. — Moureen Ylessandra B. Dizon

Source: BusinessWorld