PHL to initiate climate projects with own funds, hopes external financing will follow

THE Philippines will get the ball rolling on climate change mitigation projects with its own resources, and is hoping that international sources of financing step up to fund projects that are beyond the country’s means, Finance Secretary Carlos G. Dominguez III said.

Mr. Dominguez said in a statement Sunday that the Philippines is “very reliant” on international support to reach its goal of reducing greenhouse gas emissions by 75% by 2030.

Using its own resources, the Philippines can afford to finance 2.71% of the required projects on its own but will require international partners to fund the vast majority of measures.

“We are going to start on our own and we hope that the world at large will come and support us,” he added.

Mr. Dominguez also called for any climate financing to be a mix of “grants for capacity building, investment in green projects that will generate high returns, and subsidies that should address the financial costs and risks of communities transitioning to a climate-resilient economy.”

He said he hopes the recently-held United Nations Climate Change Conference or COP26 in Glasgow, Scotland will start the flow of funds to help the Philippines and other countries reach its goal of reducing greenhouse gas emissions to mitigate the effects of climate change.

In 2019, the United Nations announced that damage caused by climate change will be irreversible by 2030, highlighting the urgency of taking decisive action. — Bianca Angelica D. Añago