Diokno: Strengthen climate policies
We must urgently increase the availability of adaptation and resilience finance, particularly for sustainable and climate-resilient infrastructure
Finance Secretary Benjamin Diokno urged policymakers and experts to invest in adoption efforts to lessen the risks and tragedies associated with climate change.
In a recent Climate Investment Forum hosted by the Climate Change Commission, Diokno said the government has been forced to prioritize catastrophe risks and the effects of climate change due to the country’s significant vulnerability to disaster and climate risks.
“We must urgently increase the availability of adaptation and resilience finance, particularly for sustainable and climate-resilient infrastructure,” Diokno said.
According to Diokno, the private sector plays an important role in achieving a just transition towards a low-carbon economy.
These transitions include the changes in energy use, the development and use of new technologies, and the creation of climate-resilient communities while considering ecosystem integrity and natural resources.
Diokno also noted 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.”
In addition, the Department of Finance and the Bangko Sentral ng Pilipinas had built a sustainable finance ecosystem to facilitate investments in green projects and foster the development of greener regulations to promote private sector participation.
WB’s stand
For its part, the World Bank has made available its Country Climate and Development Report for the Philippines, which details how climate change will affect the nation’s economic growth and emphasizes the crucial role that business plays in addressing climate change.
Dr. Ndiame Diop, World Bank’s country director for Brunei, Malaysia, the Philippines, and Thailand at the World Bank, said WB has a “very strong commitment” to supporting the efforts of the government, the Climate Change Commission, and all the agencies in this endeavor.
“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,” Diop said.
Private sector serves as a key pillar in a fair transition to a low-carbon economy.
The World Bank, a long-time ally of the Philippines, has contributed to laying the framework for important initiatives to lower greenhouse gas emissions, strengthen climate resilience, and increase readiness for and response to natural catastrophes. About 46 percent of their pledges for FY2022 go toward climate action.