MANILA – Key stakeholders from the public and private sectors have sought to establish conducive conditions for climate-related investments aligned with national policies and sectoral needs.
During the Climate Investment Forum (CIF) 2023 at Crowne Plaza Manila Galleria on Nov. 20, the participants called for stronger collaboration between the government and private sector to scale up sustainable and green investments that propel economic growth, as laid out in the Philippine Development Plan (PDP) 2023-2028.
In his keynote address, Department of Finance Secretary Benjamin Diokno outlined the country's first Sustainable Finance Roadmap which sets the stage for a comprehensive whole-of-government approach to promote sustainable finance.
The roadmap includes strategic plans such as integrating risk management, encouraging climate related disclosures, and participating in international initiatives.
"We are laying the groundwork for enabling a just transition where every sector, every community, and individual can thrive," he emphasized.
Diokno highlighted the crucial role of the “Green Forces” referring to the Inter-agency Technical Working Group for Sustainable Finance that reviews the sustainable finance landscape, addresses policy gaps, and integrates sustainability into microeconomic policies.
Director Nieva Natural of the National Economic and Development Authority presented enabling mechanisms for climate investment, including the PDP 2023-2038, emphasizing the need for investments from the private sector to augment public investments and funds.
The World Bank, through its Country Climate and Development Report, explained the benefits of investing in climate solutions.
“The cost of climate adaptation is substantial but easily outweighed by the economic benefits of reduced climate damage. Mitigation measures would increase GDP by about 0.5 percent in 2040 and generate 80,000 jobs,” it said.
Dr. Selva Ramachandran, Resident Representative of the United Nations Development Programme, reiterated their commitment to support the country's efforts in climate-resilient development and accelerating climate investment and financing.
"Together, we can forge a path towards sustainable development, harnessing the strength of bayanihan for positive change," Ramachandran said, emphasizing the need for increased private sector engagement,
The event also featured a presentation on the Strategic Investment Priority Plan by Director Sandra Marie Recolizado of the Board of Investments.
During the panel discussions, panelists discussed topics such as security concerns in climate programs, private sector thoughts on new technologies, and challenges faced by organizations in investing more in climate action.
Commissioner Rachel Anne Herrera emphasized the need for collaborative efforts between the public and private sectors to address climate challenges.
She expressed optimism for the country’s sustainable future, noting that the Philippines is poised to lead the region in sustainable finance, fostering innovation and prioritizing climate-related investments.
“With sustained support of our partners from the private sector and business community, we shall be leveraging on boosting collaboration aimed towards maximizing opportunities and available resources beyond the defined landscape of climate financing,” she pointed out.
Herrera said that in line with the pronouncements upheld by President Ferdinand R. Marcos Jr., “we must mitigate, adapt to, and be part of the solution -- embark on advocacies, programs, and initiatives that will help us preserve our home.”
“This year’s CIF serves as a testament that through our strong collaboration, we can achieve and accomplish more. We hope to further strengthen our linkages beyond this forum, in the aim of carrying out fit-for-purpose and transformational climate interventions,” she said.
The CIF 2023 is part of the 16th Global Warming and Climate Change Consciousness Week held Nov. 19 to 25.
It serves as a platform for enhanced collaboration between the government and private sector, addressing challenges and capitalizing on opportunities in climate investments. The forum seeks to expedite the transition towards a climate-resilient and low-carbon future. (PR)