CLIMATE INVESTMENTS. Climate Change Commission Vice Chairperson and Executive Director Robert E.A. Borje calls for enhanced collaboration and partnership between the government and the private sector to unlock investment potential during the CarbonPH Education Series on April 11, 2024. Borje urged the private sector to proactively partner with the government in crafting policies and mechanisms that will unlock climate investments. (Photo courtesy of CCC)
MANILA – The Climate Change Commission (CCC) is seeking enhanced collaboration and partnership between the government and the private sector for collective progress on climate action.
Addressing climate change requires a holistic approach that considers its interconnectedness with broader economic development goals and sustainability objectives, CCC Vice Chairperson and Executive Director Robert E.A. Borje said during the CarbonPH Education Series on April 11, according to a Friday news release.
He said the private sector must take “proactive leadership” in climate action, leveraging innovative financing mechanisms and policy incentives to drive transformation.
Borje pointed out that the “cost of adaptation is much smaller than the cost of recovery.”
According to a 2019 Global Commission on Adaptation report, investing USD1.8 trillion (or PHP39.3 trillion) in just five areas -- early warning systems, climate-resilient infrastructure, improved dryland agriculture crop production, global mangrove protection, and water security -- could result in USD7.1 trillion (about PHP311.1 trillion) in total net benefits.
“And so, we pivot from our business-as-usual strategies to science and evidence-based, investment-led and transformative. With this strategy, we can better achieve our desired level of resilience, for our communities, our nation, and the planet,” Borje said.
The CCC urged the private sector to continue fostering a “more dynamic and collaborative partnership” with the government in crafting policies and mechanisms that will unlock climate investments in critical areas, such as nature-based solutions, renewable energy, and sustainable mobility, among others.
Borje also urged the private sector to be more actively involved in processes, including the formulation of the National Adaptation Plan and Nationally Determined Contribution Implementation Plan.
The CarbonPH Initiative/Coalition, comprising 17 private sector corporations, presents convergence to support the country’s transitional aspirations for a low carbon economy through investments in nature-based solutions, capacity building, and inputs for policy development. (PNA)
