Multisectoral commitment: Just transition to climate-resilient Phl by 2050
‘In the spirit of ‘No One Should Be Left Behind’ in the Sustainable Development Goals, this statement of commitment is not just for us, but for our children and the children of our children.’
Government leaders, the business and financial sector, and civil society organizations signed a Statement of Commitment recently aimed at ensuring the availability and accessibility of financing mechanisms for climate and sustainability projects. It also supports the acceleration of the Philippines’ low-carbon development and just transition from coal to renewable energy.
Recognizing the imperative for an effective, collective response to the urgent threats of climate change, the commitment also includes the stakeholders’ deployment of innovative interventions designed to have sustainable, positive impacts on supply chains and value chains.
New Zealand Ambassador to the Philippines Peter Kell, Securities and Exchange Commissioner McJill Bryant Fernandez, Philippine Stock Exchange Inc. Chief Operating Officer Atty. Roel Refran, and Climate Change Commissioner Albert P. de la Cruz led the ceremonial signing during the Climate Investment Forum 2022 organized by the Climate Change Commission on 21 November in Quezon City.
The event formed part of the commemoration of the 15th Global Warming and Climate Change Consciousness Week.
“In the spirit of ‘No One Should Be Left Behind’” in the Sustainable Development Goals, this statement of commitment is not just for us, but for our children and the children of our children,” CCC Commissioner De la Cruz, said.
“Fighting the impacts of climate change comes at a cost. As a developing country that is at risk, the Philippines needs all the help we can get from both the public and private sectors, and indeed the international community through investments on adaptation and mitigation actions,” said Vice chairperson and executive director Robert E.A. Borje.
Themed “Sama-samang Tumutugon sa Hamon ng Nagbabagong Klima,” CCC Week 2022 drew together various climate change and environment stakeholders in the Philippines in a collective push toward transforming climate change commitments to action.
Pursuant to Presidential Proclamation 1667 s. 2008, the CCC spearheads the annual observance of the Global Warming and Climate Change Consciousness Week every 19 to 25 November, aimed at raising consciousness about climate climate.
The SEC’s Fernandez led the discussion on Sustainability Reporting Guidelines for Publicly Listed Companies in one of the sessions of the Climate Investment Forum. Sustainability reporting is a mechanism for an organization to disclose and communicate its economic, environmental, and social impacts on society.
“The Sustainability Report measures and monitors PLCs’ contributions toward achieving universal targets of sustainability, such as the United Nations Sustainable Development Goals, as well as national policies and programs, such as AmBisyon Natin 2040,” Fernandez said.
Fernandez was joined by Dr. Allinnettes Adigue, Regional Head of GRI ASEAN; Liza Selerio, Vice-President for Corporate Compliance of SM Prime Holdings
Inc.; and Agnes de Jesus, Chief Sustainability Officer of the First Philippine Holdings Corporation.
De Jesus of the FPHC gave a grim picture of the impact of typhoon “Yolanda” in 2013 on their business. She shared how strategizing the company’s mission among business segments contributes to creating value for their stakeholders and business. Maintaining nature’s integrity, people’s well-being, and a robust economy are the values relevant to their stakeholders, while stable revenues and growth are for the business.
“We are able to contribute to the low carbon economy and reduce our risks. Because we have mainstreamed sustainability in our mission, we are able to deliver robust data in our sustainability report,” De Jesus said.
Selerio of SMPH highlighted the integral role of the private sector to economic development and embracing climate resilience as one of its core business strategies.
“Sustainability and climate programs are centered on environment, social inclusion, and governance plus disaster resilience,” she pointed out.