PHL presses rich economies on commitment of climate financing to developing countries

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The Philippines has renewed its call on developed economies to make good on their commitment to extend financial and technical support to countries most vulnerable to the destructive effects of climate change, as Finance Secretary Carlos Dominguez III made a “call to action” to all citizens of the world to do their part in helping reverse this environmental crisis.

In his message during the virtual Leaders Summit on Climate, Secretary Dominguez said the Philippines’ high greenhouse gas emissions (GHG) target set in its first Nationally Determined Contribution (NDC) to the Paris Agreement was meant as a challenge for the country and the rest of the world to do more in the global effort to fight climate change, and “underscores the urgency with which we view this greatest challenge facing the Earth today.”

The Philippines’ NDC sets an ambitious 75-percent GHG emission reduction and avoidance by 2030, or higher than the 70-percent GHG cut it provisionally indicated in 2015 in keeping with the Paris Agreement.

Countries had committed under the Paris Agreement to implement their respective action plans to address climate change.

Of the Philippines’ 75-percent target, 72.29 percent is “conditional” or contingent upon the support of climate finance, technologies and capacity development, which shall be provided by developed countries, as prescribed by the Paris Agreement.

The remaining 2.71 percent is “unconditional” or shall be implemented mainly through domestic resources.

“Within the framework of the Paris Agreement, the advanced economies committed to assist the developing countries through financing arrangements, investments, and technology transfers. We look forward to seeing these commitments materialize,” Secretary Dominguez said in his pre-recorded message during the Summit’s virtual breakout session on climate security hosted by United States (US) Defense Secretary Lloyd Austin.

“We cannot simply sound the alarm. We need a call to arms. Each person, each community, and each country must do what needs to be done to reverse the destructive course we ourselves inflicted on our own planet,” he added.

The breakout session was held on April 22, 1:30 PM. EDT (1:30 AM, April 23 in Manila).

As a concrete demonstration of its NDC commitment, Secretary Dominguez said the Philippine government is now exploring a financing mechanism to enable it to improve the generating capacity of its Agus-Pulangi hydropower plant in Mindanao and acquire all coal-fired power plants in the region to repurpose them.

This proposal aims to shift most of Mindanao’s energy requirements to hydropower, which will eventually spur more investments from companies seeking to expand their operations in areas powered by clean energy, Secretary Dominguez said.

Secretary Dominguez said that although the Philippines accounts for only 0.3 percent of the world’s carbon emissions, it wants to become a world leader in drastically reducing greenhouse gases, as it is among the countries most vulnerable to the devastating effects of the climate crisis.

The Philippines is located along the typhoon belt and the Pacific Ring of Fire, making it highly vulnerable to various natural disasters such as storms, floods and earthquakes.

“Climate change presents the planet with an existential threat. We must do what is necessary. There are painful choices to be made. We must prepare our people to make them,” Secretary Dominguez said.

Secretary Dominguez told session participants that as chairman-designate of the Philippine Climate Change Commission (CCC), he has been aggressively advocating for the protection of the environment and working to make Filipinos aware that they play an indispensable role as individuals in the global battle against the climate crisis.

Thus, the Philippines is pushing the congressional passage of a law banning single-use plastics to ensure that every Filipino will do his or her part on a daily basis in helping save the world’s environment, Secretary Dominguez said.

“Behavioral change, as one of the solutions to the climate emergency, must come first within ourselves and in our homes,” he said.

The two-day Leaders Summit on Climate hosted by US President Joe Biden focused discussions on “the urgent need to reduce greenhouse gas emissions and help vulnerable countries cope with unavoidable climate impacts, as well as the economic benefits of climate action, according to a statement posted on the US Department of State website.

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