DOF demands hefty climate aid from rich nations

Published September 29, 2021, 4:40 PM

by Chino S. Leyco

The Department of Finance (DOF) is demanding rich countries to fulfill their pledge of providing the massive financing needed to reverse the devastating effects of climate change.

During the Ministerial Dialogue of the Climate Vulnerable Forum (CVF), Finance Secretary Carlos G. Dominguez III has called on climate-vulnerable countries, like the Philippines, to “lead the charge” in saving the planet from the worsening climate crisis.

Finance Sec. Carlos Dominguez III

Climate Vulnerable Forum consists of countries that are most threatened by the ill effects of global warming.

Rich nations, which are largely responsible for the global climate emergency, should raise the financing to support the achievement of the Nationally Determined Contributions (NDCs) to the Paris Agreement of climate-vulnerable economies, he said.

Citing the Philippines as an example, Dominguez noted that the country contributes only about 3/10 of one percent to total global greenhouse gas emissions.

But as an archipelago sitting on both the typhoon belt and the Pacific Ring of Fire, the Philippines is most exposed to the adverse effects of climate change.

“Those countries that contribute the most to greenhouse gas emissions must bear the greater burden for mitigating the planet’s warming,” Dominguez said during the virtual CVF-Asia Regional Dialogue.

“Those most vulnerable to the consequences of climate change should receive the most urgent support. These are the essential components of climate justice,” he added.

For this reason, Dominguez said the climate-vulnerable countries need to work together in building a “global insurance safety net” that will enable them to access affordable financing arrangements, investments and technologies to reverse climate change.

“Let us lead the charge now and show the rest of the global community how simultaneous and concerted actions can make a lasting impact in saving the only planet we have,” Dominguez said.

Co-hosted by the Philippines and Bangladesh, the three-day Asia Regional Dialogue aims to identify and promote headline climate change policy priorities for vulnerable developing countries of the region ahead of critical multilateral global policy events in 2021.

The Ministerial Dialogue provides an opportunity for Ministers of CVF member- and observer-countries in the region to exchange on challenges, successes and experiences in climate change policy and develop collective policy priorities.

“We should be able to devise a toolkit of innovative, responsive, affordable, and accessible financial solutions to mitigate the adverse effects of climate events on vulnerable nations,” said Dominguez, who is also chairperson-designate of the Philippines’ Climate Change Commission.

“The toolkit should be able to assist the developing countries through financing arrangements, investments and technology transfers,” he added.