Finance Secretary Carlos Dominguez III called for urgent global climate action, especially from developed countries, to meet their climate change commitments during the 26th United Nations Climate Change Conference of the Parties that opened in Glasgow, United Kingdom on Oct. 31.
Prior to the COP26 meeting, Dominguez, in separate international fora, stressed the need to accelerate the mobilization and provision of funds to assist the most climate-vulnerable countries in climate adaptation and mitigation.
Dominguez, who heads the Philippine delegation to COP26, first made the call at the opening of the 2021 Annual Meeting of the Asian Infrastructure Investment Bank, where he asked Western economies largely responsible for most greenhouse gas emissions to act now in significantly reducing their carbon footprints.
Likewise at the meeting of the Group of 77 and China held on Oct. 29, Energy Undersecretary Felix William Fuentebella restated the Philippines’ position, and cited the need for transparency and accountability on the use of funds for climate financing.
“We stated that every dollar or every peso spent should be quantified, as well as its impact towards our common goal, and reported to the people of the receiving country and the people of the participating country for full transparency,” Fuentebella said.
The G-77 is the largest intergovernmental organization of developing countries in the United Nations. This group advances the interests of developing countries; articulates and promotes their collective economic interests and enhances their joint negotiating capacity on all major issues within the UN system.
The Philippines, one of the world’s most climate-vulnerable countries, contributes only 0.3 percent of the world’s total greenhouse gas emissions, but has made the bold commitment of reducing these emissions by 75 percent over the next decade as its Nationally Determined Contribution to the Paris Agreement.
Among the expected outcomes of COP26 is the finalization of the rules to implement the 2015 Paris Agreement in which all countries agreed to step up efforts to try and limit global warming to 1.5°C above pre-industrial temperatures, and boost climate action financing.
Signatories to the UN Framework Convention on Climate Change that started the annual Conference of the Parties are classified into three groups: Annex I, Annex II and developing countries.
Annex I parties are those that agree to reduce their emissions below their 1990 emission levels, and if they cannot do so, they must buy emission credits or invest in conservation.
Annex II parties are required to provide financial resources for developing countries to undertake emissions reduction activities and help them adapt to the adverse effects of climate change.
They also have to “take all practicable steps” to promote the development and transfer of environmentally friendly technologies to EIT Parties (economies in transition) and developing countries.
The Philippines supports the call of G77 and China for a more robust delivery of support to developing countries.