In observance of the Holy Week, the Philippine News Agency’s online news service will be off on March 29, Good Friday, and March 30, Black Saturday. Normal operations will resume on March 31, Easter Sunday.

— The Editors

DOF reconvenes task force on sustainable finance

By Anna Leah Gonzales

May 12, 2023, 5:48 pm

 

MANILA – The Department of Finance (DOF) on Friday reconvened the Inter-Agency Task Force on Sustainable Finance (ITSF), also known as the Green Force, to discuss the implementation of the Sustainable Finance Roadmap and its Guiding Principles.

In a statement, the DOF said the ITSF, which was established with support from the Government of the United Kingdom (UK), aims to help develop a green and sustainable economy in the country.

The ITSF issued the Sustainable Finance Roadmap and its Guiding Principles in October 2021.

The roadmap, in particular, includes the strategic action plan in mobilizing finance to support the transition toward a low-carbon and climate-resilient economy.

It was designed to facilitate investments to support the country’s Nationally Determined Contribution (NDC) under the Paris Agreement.

For its NDC, the Philippines has earlier committed to reducing greenhouse gas emissions by 75 percent over the next decade.

The Guiding Principles, on the other hand, provide principles-based guidance on identifying the economic activities that contribute to supporting sustainable development.

“Clearly, we have made much progress in advancing the Sustainable Finance Ecosystem. But long-term policy-making is still necessary to ensure the continuity and effectiveness of Programs, Activities, and Projects that will be implemented across sectors and industries,” Finance Secretary Benjamin Diokno said.

According to the DOF, the UK government's technical assistance on the formulation of the country’s Long-Term Vision document, plans to develop the country’s Long-Term Strategies, and the country's climate change action priorities were also discussed during the meeting.

“The Department of Finance recognizes the integral role of finance in the discussion concerning sustainable economic growth and concrete climate action,” Diokno said. (PNA)

Comments