Philippines to rally developing nations for more green financing

MANILA, Philippines — The Philippines will rally its fellow developing economies at the Conference of the Parties (COP26) to seek higher financing for climate change interventions from developed nations.

Finance Secretary Carlos Dominguez said yesterday the Philippine delegation to the COP26 would initiate a dialogue with leaders of the developing world to compel the superpowers to do their part in mitigating climate damage.

“We will consult with the other climate vulnerable countries so we can jointly put forward a united and principled but practical position,” Dominguez said in a text message to reporters.

Dominguez is the head of delegation, chief negotiator and official representative of the President at the COP26. Officials from the Office of the President, Departments of Finance, Foreign Affairs, Energy, and Environment and Natural Resources will join him in Glasgow, Scotland.

According to Dominguez, the Philippines will push for financial policies that will incentivize the use of green and renewable investments. This way, he said, private firms will be encouraged to reduce their carbon emission given the returns they will get from doing so.

“We are hitting the ground running with simultaneous initiatives to demonstrate that much can be done by clear and coherent financial policies that give primacy to the environment,” he said.

Dominguez said the Philippines would also ask developed economies to commit to bring down their greenhouse emission similar to the country’s target of cutting its own by at least 75 percent in the next decade.

“Nothing would please us more than seeing the countries that emitted and continue to emit the most greenhouse gases to accept the responsibility of financing the transition to carbon neutrality,” the finance chief said.

The Philippines ranked as one of the most affected countries from extreme disasters, based on the 2020 World Risk Index, due to threats of natural hazards and lack of adaptive mechanisms. The country also placed fourth in 10 nations severed by climate extremities from 2000 to 2019, according to the Global Climate Risk Index.