The Climate Accountability Act (CLIMA), introduced in the Philippines Congress on November 22, 2023, is a groundbreaking bill that seeks to hold corporate actors accountable for their contributions to climate change and establish mechanisms for addressing loss and damage. The bill, which is currently under consideration and not yet implemented, includes provisions for emission reduction obligations, climate due diligence standards for corporations, and penalties for non-compliance, such as fines equivalent to 15% of a company's gross income.