Atty. Joey Lina
While it comes as no surprise, given the economic stranglehold inflicted by stringent lockdowns last year as the pandemic started to rage, the news that the Philippine economy suffered its worst so far is still quite shocking.
On Thursday last week, the Philippine Statistics Authority reported that the full year negative growth – with the local economy plunging by 9.5 percent as measured by Gross Domestic Product – was the steepest contraction in our country’s post-war history, based on data dating way back to 1947.
“The year 2020 will be remembered as the most difficult year in our lives,” according to Acting Socioeconomic Planning Secretary Karl Kendrick Chua who said quarantine restrictions severely cut household spending.
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(First of two parts)
Climate change is an urgent issue and taking action is critically necessary to limit and reduce global carbon emissions. Businesses in particular will need to consider their own carbon footprint. With collective technological capabilities, financial resources, innovative capacity and global reach to search for solutions towards a low-carbon future, many businesses worldwide are setting carbon reduction targets, progressing towards net zero. In fact, just last week EY Global Ltd. (of which SGV is a member firm) announced its plans to achieve negative carbon emissions in 2021 and net zero by 2025.
Combatting climate change is a unique challenge for each organization, but it is clear that a collective effort is crucial to avert disaster. With the ongoing pandemic reinforcing the drive towards a sustainable future, transitioning to decarbonization is more vital than ever to achieve long-term resilience for organizations as well as to aid economic recovery.