The Climate Accountability Act (CLIMA) was introduced in the Philippines Congress on November 22, 2023. The bill proposes to establish a legal framework to address corporate contributions to climate change and to create mechanisms related to loss and damage. As of now, the bill is under legislative consideration and has not been enacted.

According to the draft text, the proposed measures include emission reduction obligations for covered entities, climate due diligence requirements for corporations, and enforcement provisions. The bill also outlines potential penalties for non-compliance, including fines of up to 15% of a company’s gross income, as specified in the proposal.