Development partners reaffirmed their commitment to mobilizing financial resources for investment in climate change mitigation and adaptation to confront the challenges posed by the climate crisis.
Development partners including the World Bank Group and United Nations Development Program joined the Climate Investment Forum 2022, spearheaded by the Climate Change Commission in commemoration of the 15th Global Warming and Climate Consciousness Week.
Government agencies led by the Department of Finance presented the national targets on mitigation and adaptation and called for stronger commitments from international channels as well as the private sector to invest on the country’s priorities on climate action.
Finance Secretary Benjamin Diokno recognized the need to “urgently increase the availability of adaptation and resilience finance particularly for sustainable and climate resilient infrastructure.” Diokno also underscored the important role of the private sector in achieving a just transition towards a low-carbon economy and the commitment of the Philippine government on “strengthening its policies on climate financing [and] mainstreaming sustainable finance in all possible ways through policy and harmonization.”
UNDP resident representative Dr. Selva Ramachandran also underlined the important role of the private sector in climate investments. “There’s a growing recognition due to the amounts required to meet climate goals, and the private sector has a key role to play in mobilizing climate finance. While it is widely known that the private sector’s DNA is closely attached to its financial interests, we need to develop and disseminate a clear narrative. Beyond corporate social responsibility initiatives, it makes good business sense to invest in climate initiatives.”
The UNDP developed the Climate Finance Network to support the initiatives on increasing public and private sector investments toward mitigating impacts of climate change and improving resilience of national and local government agencies and communities.
The World Bank released its Country Climate and Development Report for the Philippines which explains how climate change will affect the country’s economic development and emphasizes the important role of the private sector in climate action.
“The World Bank has a very strong commitment to really accompany the efforts of the government, the Climate Change Commission, and all the agencies in this effort. We have actually achieved quite a bit over the last decade or so, and we are very committed to do more to really address this emergency,” said Dr. Ndiame Diop, World Bank country director for Brunei, Malaysia, Philippines and Thailand.
The government of the United Kingdom also emphasized the need to act and deliver results based on the country’s climate action priorities. The Climate Finance Network was supported by the UK Foreign, Commonwealth and Development Office.
“The UK has been listening to the priorities of the new government in the Philippines and we are working to deliver new programs responding to its needs on coastal and marine adaptation, renewable energy and energy efficiency, nature-based solutions, science, and innovation,” said UK Ambassador to the Philippines Laure Beaufils.
The Climate Investment Forum is a product of the Climate Finance Network which brought together high-level policymakers, heads of international organizations, private sector leaders and civil society groups with an overall objective of turning climate commitments into action.
“We need to invest in ourselves, because these investments are our investments in our collective future. From aligning our efforts toward NDCs to working together on accelerating just transition to a low-carbon economy; to building the adaptive capacities of our communities, to utilizing best available science and multi-risk analysis frameworks and tools; and to harnessing domestic and international finance,” CCC vice chairperson and executive director Robert Borje said.