Greenpeace Philippines, along with climate change victims from Salcedo, Eastern Samar, and various environmental organizations. They organized a rally at the Securities and Exchange Commission (SEC). Their goal was to advocate for greater corporate accountability in addressing climate change. They also focused on combating pollution. This demonstration follows a series of devastating typhoons that have inflicted billions of pesos in damages across the country.
During the rally, the Legal Rights and Natural Resources Center (LRC) submitted a demand letter supporting the Salcedo community. An action calling on the SEC to enhance reporting requirements for climate-related financial disclosures among publicly listed companies (PLCs). Atty. Ryan Roset, a Senior Legal Fellow at LRC, emphasized the SEC’s responsibility to hold businesses accountable. This accountability extends not just to shareholders but also to the public. This is particularly important in the face of the climate crisis.
LRC criticized the SEC’s current “Comply or Explain” approach to sustainability reporting. They argue that it allows companies to avoid disclosing their environmental impact. Thereby escaping accountability for their actions. Atty. Roset stated that full disclosure is essential for companies to manage their environmental risks and prevent harm to communities.
The rally underscored the urgent need to tackle climate change. Especially as the Philippines faces the severe repercussions of increasingly frequent and intense typhoons. Which led to significant economic losses. Organizations like Greenpeace and Tara Youth joined the call for corporate responsibility. They stressed that businesses may gain from lenient SEC policies. Nonetheless, vulnerable communities continue to bear the brunt of climate-related disasters. The event highlighted the necessity for stronger regulations to mitigate climate change impacts and guarantee corporate accountability.
