Finance Secretary Ralph Recto secured the support of Lord Mayor of London Alderman Michael Mainelli in advancing the Philippines’ ambitions in artificial intelligence (AI) and climate finance.
Mainelli, in a high-level meeting on Oct. 29, 2024 at the Mansion House in London, invited the Philippines to join the UK’s Ethical AI Initiative—an AI management program taken by around 60 countries.
The initiative champions the ethical development and application of AI that will help the Philippines create a culture of human-centered technology that prioritizes rights, privacy, and dignity.
He also pledged support for the Philippines’ climate finance goals by offering assistance in establishing sustainability-linked policy performance bonds, which are an innovative alternative to traditional ESG financing.
He also introduced the potential of hydrogen investments such as hydrogen-fueled vehicles to accelerate the Philippines’ decarbonization efforts.
Discussions also explored further collaboration in strategic sectors, including mining, defense and security and renewable energy.
Meanwhile, the Lord Mayor sought the Philippines’ support for the UK’s Space Protection Initiative, which is a project to promote the safe and sustainable use of outer space in light of the world’s growing dependence on space systems.
The Lord Mayor of London is the head of the City of London Corp. and serves as the international ambassador for the UK’s financial and professional services sector.
