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Task Committee on Sustainable Finance meets once again under DOF

The Inter-Agency Task Force on Sustainable Finance (ITSF), commonly known as the Green Force, was reconvened by the Department of Finance (DOF) on Friday to discuss putting the Sustainable Finance Roadmap and its Guiding Principles into practice.

The ITSF, founded with assistance from the UK government, aims to aid in the growth of a green and sustainable economy in the nation, according to a statement from the DOF.

In October 2021, the ITSF released the Sustainable Finance Roadmap and its guiding principles.

The strategic action plan for raising money to assist the shift to a low-carbon and climate-resilient economy is included in the roadmap, in particular.

The nation’s Nationally Determined Contribution (NDC) under the Paris Agreement was intended to be supported by investments made through this tool.

As part of its NDC, the Philippines promised to cut greenhouse gas emissions by 75% over the following ten years.

On the other hand, the Guiding Principles offer principles-based direction on identifying the economic activities that support sustainable development.

We have advanced the Sustainable Finance Ecosystem and achieved significant progress. However, to guarantee the continuity and efficacy of Programs, Activities, and Projects that will be executed across sectors and industries, long-term policy-making is still required, according to Benjamin Diokno, the finance secretary.

According to the DOF, the development of the nation’s Long-Term Vision document plans for creating its Long-Term Strategies, and the nation’s top goals for combating climate change were also reviewed at the conference.

According to Diokno, “The Department of Finance recognizes the integral role of finance in the discussion regarding sustainable economic growth and effective climate action.”

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