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Carbon markets have emerged as a powerful mechanism to incentivize emissions reduction and channel domestic and international finance into climate mitigation activities. As countries make decisions on whether and how they might engage with carbon markets what strategies as well as legal and policy framework considerations must they understand, assess and evaluate to design and implement high-integrity carbon markets?
On 3 September 2024, on the sidelines of the Annual Meeting of IFI General Counsels in Montevideo, Uruguay, the Asian Development Bank General Counsel Thomas M. Clark and the International Fund for Agricultural Development General Counsel Katherine Meighan signed a memorandum of understanding to enhance collaboration in legal and policy development in the forestry, food, and agriculture sectors, as well as their shared interest in advancing environmental rule of law
This report explores the potential of Islamic Finance in the Philippines for domestic and international investors. By examining the country's economic health and financial sector, as well as analyzing demographics, consumer behavior, and demand, the report identifes a promising potential market for Shariah-compliant financial products and services. This is further supported and reinforced by the government’s support and key milestones achieved in building an enabling Islamic finance ecosystem in the country.
On 23 August 2024, ADB General Counsel Thomas M. Clark joined senior government officials, high court justices and legal and climate experts at the International Symposium on Climate Change, Water and Forests, sponsored by the Brazilian Foreign Affairs and Finance Ministries, the National High Court of Brazil and the IUCN World Commission on Environmental Law.
On 20–23 August 2024, in Suva, ADB and UNICEF delivered a comprehensive judicial training program on the Fiji Bench Book on Children. The entire Fiji judiciary participated in the training, supported by ADB's Law and Policy Reform Program.
The Post-Conference Booklet of the Strengthening Insolvency Systems in Asia Conference provides a comprehensive account of the proceedings of the event held on 15-16 December 2022 at the ADB Headquarters. It synthesizes the insights of insolvency law reform experts who explored ways to enhance restructuring and insolvency frameworks in Asia and the Pacific.
The Model Forest Act Initiative held a pivotal week of intensive work and knowledge sharing in Indonesia on 26-30 July 2024, bringing together leading experts in forest law and policy to refine the draft Model Forest Act and engage with key stakeholders.
On 19 July 2024, the Asian Development Bank (ADB) and the Government of the Philippines convened a historic ceremony at ADB Headquarters for the inaugural cohort of 138 Filipinos who earned internationally recognized qualifications in Islamic finance from the Islamic Banking and Finance Institute Malaysia (IBFIM). All graduates—representing financial, regulatory, policymaking, and Islamic institutions across the Philippines—have successfully completed the Associate Qualification in Islamic Finance (AQIF). Additionally, seven AQIF holders advanced to earn the Intermediate Qualification in Islamic Finance (IQIF).
The Asian Development Bank (ADB) partnered with Timor-Leste's Public Prosecution Service to deliver a comprehensive training program on investigating gender-based violence cases. This initiative is part of ADB's ongoing effort, through the Law and Policy Reform Program, to strengthen the country's judicial system's response to violence against women and girls.
Revenue Memorandum Circular No. 081-2024 provides for the tax treatment of Sukuk pursuant to the tax neutrality provisions of Republic Act No. 11439. Sukuk are interest-free bonds that generate returns to investors without infringing the principles of Shari'ah which prohibit the payment of interest (riba).