Diokno urges int'l partners to boost aid for climate change mitigation, adaptation measures

Finance Secretary Benjamin Diokno is urging multilateral development banks and the private sector to ramp up support for climate mitigation and adaptation measures, the Department of Finance (DOF) said Saturday.

“To ensure that we have the fiscal space to address these challenges, we continue to seek support from international channels and partners to help us combat this [climate] crisis,” said Diokno.

He make the call during the Eighth Ministerial Meeting of the Coalition of Finance Ministers for Climate Action on October 12, 2022 (EDT) at the International Monetary Fund (IMF) Headquarters in Washington, D.C.

According to Diokno, the DOF has advocated for a three-pronged blended approach of grants, investments, and subsidies as modalities of climate finance.

“This considers the private sector, the MDBs, and the whole global financial regulatory bodies as crucial partners in the mobilization of financing for adaptation and mitigation projects, programs, and initiatives,” said the Finance chief.

The Finance department said its chief also acknowledged the positive impact of the Philippines’ three-year membership with the coalition.

Diokno said that the Coalition has increasingly demonstrated its accountability towards addressing the needs of developing and highly vulnerable countries such as the Philippines.

“[W]e call on the Coalition to sustain our collaborative efforts in pushing for concrete actions towards addressing climate change,” said the Finance chief.

Diokno emphasized that initiatives to address climate adaptation challenges must be swift and effective.

“Our failure to do so may negate the collective progress we’ve already achieved. We therefore look forward to the combined efforts of our coalition-building and partnership in order to achieve sustainability, inclusivity, and resilience for all,” he said.

Furthermore, the DOF said the coalition brings together finance ministries from 78 member countries and 25 institutional partners to drive climate action and investments toward low-carbon resilient development. —LBG, GMA News