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PH will share best practices against climate change with Asean


Finance Secretary Carlos Dominguez III (archive photo)

MANILA – Finance Secretary Carlos Dominguez III said on Tuesday that the Philippines will share the advances it has made in translating theories on tackling climate change into concrete projects with other countries, especially its fellow members Association of Southeast Asian Nations (Asean), to help accelerate adaptation and mitigation efforts to avoid catastrophic global warming.

Dominguez said Asean countries, like the Philippines, are very vulnerable to the adverse effects of global warming, “must vigorously step up” their respective mitigation and adaptation initiatives and “immediately move on to concrete measures to save the planet”.

As the Philippines sinks at a rate four times faster than the global average and grapples with increasingly severe typhoons and other extreme weather events, Dominguez said the country wanted to make it clear how a highly vulnerable country can move forward with its climate action. ambition.

“We are very open to sharing expertise, best practices and technologies with the rest of the region. We hope that our initiatives can be replicated and scaled up by other countries, ”he said at the 3rd Climate Smart and Disaster Resilient ASEAN (CSDRA).

“The Philippines will do all of this with a great sense of urgency. We see global warming as an existential threat to our archipelago. We will respond to the challenge with all we have, ”added Dominguez, who is also chair-designate of the Commission on Climate Change (CCC) and head of the Philippine delegation to the recent 26th Nations Conference of the Parties on Climate Change. United (UN). (COP26) held in Glasgow, Scotland.

The two-day CSDRA virtual conference aims to bring together academic scientists, researchers, academics, government agencies, non-governmental organizations and other key stakeholders to share their experiences and the results of their research on the aspects climate change and disaster risk in Southeast Asia.

As a new entrant in the Climate Change Performance Index (CCPI), the Philippines, number 23, outperformed its peers in the Asia-Pacific region in terms of climate protection performance.

CICC tracks the performance of 63 countries and the European Union (EU) in terms of greenhouse gas (GHG) emissions, renewable energy (RE) use and climate policy.

At the CSDRA forum, Dominguez shared some of the initiatives the Philippines is currently undertaking to move forward with its climate ambition, including the launch of its sustainable finance roadmap to provide a master plan that will create synergy between public and private investments in greening. the financial system and the planned issuance of its very first sovereign green bonds.

Dominguez said the country was ahead in using climate finance, with Philippine companies issuing $ 4.8 billion in ASEAN-labeled green, social and sustainable bonds (GSS) since 2019.

This figure is equivalent to 29% of the current total of GSS bond issues labeled by Asean, the highest in the Asean region.

Dominguez said that the Asian Development Bank (ADB), Indonesia and the Philippines have also launched a pioneering Energy Transition Mechanism (ETM) partnership that will accelerate the withdrawal of coal-fired power plants in the country and the shift to clean and renewable energy sources using a fair, scalable and market-based approach.

The ETM project aims to bring together financial resources from multilateral banks, private institutional investors, philanthropic contributions and long-term investors to trigger the Philippines’ decisive shift towards decarbonization, he said.

“This is a model of cooperation that can be replicated elsewhere in the world where multilateral financial institutions, governments and the private sector are aligned with their goals of climate resilience,” he added.

At Dominguez’s initiative, the CCC formed a group of national technical experts who represent all corners of the Philippines to advise the Commission and engage fishermen and farmers in local communities to prepare them to adapt and mitigate the impacts. impacts of global warming.

To show the world how the Philippines is acting urgently, Dominguez said it has committed to reducing its GHG emissions by 75% by 2030 – one of the most ambitious Nationally Determined Contributions (NDCs) proposed by a country – even if it is one of the lowest emitters of GHGs with only 0.3% of the world total. (RP)