Diokno lauds UNDP, Canada project
FINANCE Secretary Benjamin Diokno commended the United Nations Development Program (UNDP) and the government of Canada for the launch of a new project that would provide the Philippines with gender-responsive and nature-based solutions for climate-resilient technologies and initiatives.
“A growing body of evidence shows that climate change impacts ... disproportionately affect the poorest, the women and girls, and the most marginalized groups. Clearly, there is a need for a just transition to resilient and low emission development that sustains nature and ecosystems, and protects the rights of all who are affected and at risk,” said Diokno in a prerecorded message for the launch of the project called “Accelerating Green and Climate Finance in the Philippines: Nature-Based Solutions.”
He said the project launch is a milestone in the country’s sustainability journey and national climate agenda.
The Philippines has been on the receiving end of the ill effects of climate change. The country’s high susceptibility to climate risks has prompted the government to take action.
The Department of Finance and Bangko Sentral ng Pilipinas have built a sustainable finance ecosystem to synergize public and private investments in green projects. This roadmap has laid down the guiding principles that will create the environment for greener policies in the country.
Meanwhile, the government’s Sustainable Finance Framework seeks to ensure transparency in the use of proceeds, as well as the expected environmental and social impact of eligible green and social projects in keeping with international best practices.
Diokno noted global estimates that suggest that insufficient action on climate change could cost the global economy $178 trillion by 2070, or almost double the current global gross domestic product.
He emphasized the need for stakeholders to now move from negotiations and planning to implementation and action on the ground.
“I eagerly look forward to seeing how this project will contribute to the accelerated attainment of our NDC (nationally determined contribution) targets and the Philippines Biodiversity Strategy and Action Plan, and how it will improve the resilience and environmental security of Filipino women and vulnerable communities,” he said.