BY ONLINE BALITA NEWS
The Department of Finance (DOF) has taken part in a series of high-level discussions on the sidelines of the World Bank-International Monetary Fund (WB-IMF) Spring Meetings in Washington, D.C. to amplify the Philippines’ call for innovative climate finance solutions.
On April 16, 2024, the Department of Finance (DOF) and the Bangko Sentral ng Pilipinas (BSP) joined a roundtable discussion on the inaugural Vulnerable 20 Group of Finance Ministers (V20) Finance Ministers Governors Working Group Meeting.
The working group was established during the V20’s 11th Ministerial meeting in October 2023 in Marrakech. It aims to further the technical collaboration with V20 and G21 central banks, and mobilize resources from the IMF.
On the same day, the DOF participated in the High-Level Event on Addressing Polycrisis: Capital Mobilization for the V20 Climate Prosperity Agenda, which called for the strengthening of Country Platforms composed of domestic policymakers, international investors, and technical experts who can facilitate the development of a nationally appropriate investment plan and an associated portfolio of investment projects.
The Philippines signified its interest in being included in the next wave of countries for the Country Platform as it is already equipped with an Interagency Task Force on Sustainable Finance (ITSF), which brings together various government agencies to facilitate discussions on mobilizing climate finance to meet the country’s Nationally Determined Contributions (NDC).
On behalf of Finance Secretary Ralph G. Recto, Chief-of-Staff and Undersecretary for the Climate Finance Policy Group (CFPG) Maria Luwalhati Dorotan Tiuseco delivered a high-level statement during the 12th V20 Ministerial Dialogue later that day.
The dialogue provided a platform for Finance Ministers to discuss the most pressing concerns on climate change, particularly financing for climate action and identifying areas for collaboration and development in V20 member economies.
Undersecretary Tiuseco showcased the Philippines’ integrated investment and financing strategy which will help the country mobilize climate finance until 2030.
This includes tapping into international finance sources such as the Green Climate Fund (GCF) and Global Environment Facility (GEF).
The GCF is a global fund that supports developing countries in responding to the challenges of climate change, while the GEF is dedicated to confronting biodiversity loss, climate change, pollution, and supporting land and ocean health.
These sources can help fund the country’s National Adaptation Plan (NAP) and scale up financing for its local People’s Survival Fund (PSF), the country’s national adaptation fund chaired by the Secretary of Finance and managed by DOF as lead secretariat.
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