Members of the Green Force, which is the Inter-Agency Task Force for Sustainable Finance led by the Department of Finance (DOF) and Bangko Sentral ng Pilipinas (BSP), and other multilateral agencies have expressed their support for the Sustainable Finance Roadmap and its Guiding Principles during the recent launching of this initiative, geared to lead the country to a greener economy.
During the event, Securities and Exchange Commission (SEC) Chairman Emilio Aquino kicked off the public declaration of support by expressing how crucial the Philippines’ whole-of-government approach is to sustainable finance.
“The Philippines’ whole-of-government approach to sustainable finance is critical to maintaining the momentum set by the Philippine private sector. The objectives incorporated in the Philippine Sustainable Finance Roadmap optimize the public sector’s strengths,” Aquino said.
For her part, National Economic and Development Authority (NEDA) Undersecretary Mercedita Sombilla noted that the Roadmap came at an opportune time when there is an urgent need for sustainable investments to support green economic recovery.
“We need to harness their potential, particularly the financial institutions, to serve as an engine towards an inclusive, low-carbon, and resilient economy,” she said.
Department of Energy (DOE) Undersecretary Jesus Cristino Posadas emphasized that sustainable energy is the golden thread that connects economic growth, increased social equity and an environment that allows the world to thrive well.
“Low carbon growth can present multiple benefits to the ecosystem: resilience, trade, health, energy security, fostering of decent jobs, and industrial competitiveness,” Posadas stated.
Anouj Mehta, who is Asian Development Bank (ADB) Unit Head for Green and Innovative Finance and the ASEAN Catalytic Green Finance (ACGF), mentioned that finance is the key to achieving Paris alignment and green recovery targets, hence the need for having resilient recovery projects that tap funding from both the private and public sectors.
Jean-Marc Arbogast, Country Manager for the Philippines at the International Finance Corp. (IFC), said “This important milestone will ultimately help to mitigate the impacts of climate change, promote sustainable infrastructure, and strengthen the private sector, which are critical agendas that align closely with IFC’s operations in the country.”
“We look forward to our continued partnership with the Philippines as it transitions to a greener, more resilient, and more inclusive economy,” Arbogast said.
Meanwhile, United Nations Development Programme (UNDP) Resident Representative Dr. Selva Ramachandran said that, “The roadmap is a fitting guide to support the country’s recovery program from the impacts of COVID-19 that is green and climate resilient.”
With barely a week away from the 26th United Nations Climate Change Conference (COP26), British Ambassador Laure Beaufils highlighted the significance of the sustainable finance roadmap to support a green economy, which will foster innovation, and strengthen health, social, and environmental resilience, and create jobs.
She stressed that this was enabled by a strong partnership between the United Kingdom (UK) and the Philippines, and a shared commitment to sustainable economic growth and to scaling up climate action.
“We hope this roadmap will inspire other countries towards adopting the appropriate finance policies that will help reduce carbon emissions. Finance, as we know, is a powerful instrument for transforming the way we do things,” said DOF Secretary and Climate Change Commission (CCC) chairman-designate Carlos Dominguez III.
“The Roadmap and the Guiding Principles are key enablers in unlocking financing to sustainable projects and initiatives,” BSP Governor Benjamin Diokno said.
The Roadmap and its Guiding Principles, developed under the UK’s ASEAN Low Carbon Energy Programme, aim to support the mobilization of financial activities as the country shifts to a circular economy, an economic model wherein resources are kept in use for as long as possible thus utilizing maximum value.
It acknowledges issues such as increasing population, limited natural resources, and extreme vulnerability to climate change.
The DOF will represent the country at the COP26 to talk about climate action for climate-vulnerable countries such as the Philippines, and present the recently submitted Nationally Determined Contribution (NDC) targets plus the Roadmap, among others.
In a runup to COP26, the DOF and its partners introduced to the public last October 13 the newly reconstituted National Panel of Technical Experts (NPTE) that will formulate and advise the CCC on doable programs and projects to fight climate change on the ground.
Read the DOF’s statement on the roadmap here. The Sustainable Finance Roadmap and Guiding Principles can be downloaded from the DOF and BSP websites for public viewing:
DOF: Sustainable Finance Roadmap and Guiding Principles
BSP: Sustainable Finance Roadmap and Guiding Principles
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