November 4, 2021

In COP26, the Philippines will present the Sustainable Finance Roadmap.

At the United Nations Climate Change Conference of the Parties (COP26) being held here, the Philippines will present its newly launched Sustainable Finance Roadmap to policymakers as a model for other emerging economies to incorporate climate and environmental factors in mobilizing funds to build a sustainable and resilient economy.

The Roadmap, along with its guiding principles, will serve as the Philippines’ masterplan in formulating green and sustainable policies to raise the capital and investments needed to reduce the country’s greenhouse gas emissions while still increasing its economic output, according to Finance Secretary and Climate Change Commission (CCC) chairman-designate Carlos Dominguez III.

“The Roadmap reaffirms our resolve to follow through on our carbon reduction commitments.” “We believe that this plan would encourage other nations to adopt suitable finance policies that will aid in the reduction of carbon emissions,” said Dominguez, who is leading the Philippine delegation to COP26.

The Philippines has pledged to reduce and avoid greenhouse gas emissions by 75% from 2020 to 2030 in the agriculture, wastes, industry, transportation, and energy sectors as part of its Nationally Determined Contribution (NDC) to the Paris Agreement.

According to Dominguez, the development of the comprehensive Roadmap, which was released on October 20, highlights the critical role that fiscal policies play in reversing the impacts of the climate catastrophe and facilitating the transition to a low-carbon economy.

The Philippines’ engagement with the United Kingdom (UK) government in assisting the country in implementing the Asean (Association of Southeast Asian Nations) Low Carbon Energy Program resulted in the Sustainable Finance Roadmap.

The British government backed the formation of the “Green Force,” which is comprised of the Department of Finance (DOF) and the Bangko Sentral ng Pilipinas’ Inter-Agency Technical Working Group on Sustainable Finance (BSP).

“Financial policies will enable a move away from carbon-intensive energy sources and toward renewable energy sources. They will make it possible to create more environmentally friendly habitats and transportation networks, as well as more resilient agriculture techniques. This is why, in the Philippines, we cooperated with the UK government to develop the Asean Low Carbon Energy Program,” Dominguez explained.

He claimed that the Philippines’ bold and ambitious NDC necessitates a national strategy, which can only be realized if the Philippine government takes the lead in implementing practical and achievable solutions on the ground.

This whole-of-nation approach to mobilizing money to support the transition to a clean, sustainable, and climate-resilient economy is incorporated into the Sustainable Finance Roadmap.

Its goal is to close legislative and regulatory gaps in the Philippines in order to encourage sustainable investments through finance, implement sustainable government programs, facilitate public infrastructure investments, and develop projects that promote sustainable financing.

Farmers, fishermen, and residents of coastal areas, according to Dominguez, face the brunt of climate change’s effects in the Philippines.

To assist accomplish its NDC, the Philippine government has pushed for quick adoption of a measure banning single-use plastics in Congress, which will inspire every Filipino to do their part on a daily basis in decreasing marine pollution and saving the world’s environment, he said.

On the sidelines of COP26, the Philippine government will also announce a finance mechanism that would allow the Philippines to expedite its transition from coal to clean energy in a just and affordable manner, according to Dominguez.

He said the government is expanding the scope of the assets and crops covered by the Philippine Crop Insurance Corp. to offer adequate crop loss protection for Filipino farmers while enhancing risk reduction and resilience measures in the agriculture sector (PCIC).

The creation of a new National Panel of Technical Experts of the Climate Change Commission is another key step made by the Philippines as part of its increased efforts to combat climate change (NPTE-CCC).

According to Dominguez, this new group of specialists will give the government with the practical guidance it urgently needs to combat climate change and engage local people in climate change mitigation and adaptation.

Since 2017, at least seven domestic Philippine banks have issued a total of $1.15 billion and PHP85.4 billion in green, social, and sustainability bonds, according to BSP Governor Benjamin Diokno, who spoke during the unveiling of the Sustainable Finance Roadmap on October 20.

He stated that the earnings from these bonds will be utilized to fund and refinance renewable energy, energy efficiency projects, green buildings, green transportation, and sustainable water management, among other things.

The Philippines’ Department of Energy (DOE) Secretary Alfonso Cusi placed a freeze on greenfield coal power project approvals in October of last year in order to create a more flexible and sustainable power supply mix.

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