BUSINESS
Advocates Philippines
DOF Secretary Highlights Importance of Financing Climate Action Programs
Photo credit: Department of Finance
Finance Secretary Benjamin E. Diokno highlighted the crucial role of financing climate action in economic growth and development in his message during the Vulnerable Twenty (V20) Group Ministerial Meeting X on April 16, 2023. Speaking via video intervention at the 2023 Spring Meetings of the International Monetary Fund (IMF) and the World Bank Group (WBG), Secretary Diokno stressed that climate financing should not be seen as a competing priority but as an indispensable part of sustainable economic development.
The V20 Group of Ministers of Finance, established in 2015, comprises economies that are particularly vulnerable to climate change. It aims to strengthen economic and financial responses to climate change by sharing best practices, developing better approaches to climate finance, and promoting the mobilization of public and private climate finance.
Secretary Diokno pointed out that developing and climate-vulnerable countries like the Philippines are already experiencing adverse effects from climate risks and hazards. The WBG's Philippines Country Climate and Development Report estimates that failure to take action on climate change will result in substantial economic losses, with the country's GDP projected to decrease by 13.6 percent by 2040, disproportionately affecting the poor.
Secretary Diokno emphasized that climate change adaptation is an urgent priority for the Philippines, and concrete actions are needed to address, minimize, and avert loss and damage from climate change. He highlighted the importance of climate finance, stating that the amount of funding for climate change mitigation and adaptation should align with the needs of developing and climate-vulnerable countries, taking into account economic and non-economic losses and damages.
Secretary Diokno also stressed the need for collaboration between the public and private sectors to expand climate initiatives and create a conducive environment for climate action. He called for a whole-of-society approach to tackle the climate crisis, promoting environmental, social, and governance (ESG) investing as a means to drive positive change.
The V20 Group of Ministers of Finance, established in 2015, comprises economies that are particularly vulnerable to climate change. It aims to strengthen economic and financial responses to climate change by sharing best practices, developing better approaches to climate finance, and promoting the mobilization of public and private climate finance.
Secretary Diokno pointed out that developing and climate-vulnerable countries like the Philippines are already experiencing adverse effects from climate risks and hazards. The WBG's Philippines Country Climate and Development Report estimates that failure to take action on climate change will result in substantial economic losses, with the country's GDP projected to decrease by 13.6 percent by 2040, disproportionately affecting the poor.
Secretary Diokno emphasized that climate change adaptation is an urgent priority for the Philippines, and concrete actions are needed to address, minimize, and avert loss and damage from climate change. He highlighted the importance of climate finance, stating that the amount of funding for climate change mitigation and adaptation should align with the needs of developing and climate-vulnerable countries, taking into account economic and non-economic losses and damages.
Secretary Diokno also stressed the need for collaboration between the public and private sectors to expand climate initiatives and create a conducive environment for climate action. He called for a whole-of-society approach to tackle the climate crisis, promoting environmental, social, and governance (ESG) investing as a means to drive positive change.
Apr 18, 2023
