The Department of Finance (DOF) welcomed the decision by US President Joe Biden to rejoin the Paris Agreement on climate change that was previously terminated by Washington.

In a statement, Finance Secretary Carlos G. Dominguez III said the US president’s announcement regarding the Paris treaty is aligned with Manila’s call on all nations to act with urgency on the climate crisis.

Dominguez described the Paris Agreement as “one united community” action in addressing climate change.

“Now, more than ever, we need to ensure the mobilization of finance flows towards the adaptation needs of our most vulnerable communities,” Dominguez said.

“We need such action to be faster and on a greater scale. And we need it to bring about effective solutions on the ground across the globe,” he added.

Dominguez also said that more efforts should be focused on ensuring the mobilization of the $100-billion annual funding target enshrined in the agreement for the adaptation and mitigation needs of developing countries.

To ensure climate justice, Dominguez said developed countries must deliver on their commitments under the Paris Agreement, including support to developing economies leading to low-carbon and sustainable development.

 “The COVID-19 pandemic is a stark reminder that health, economic stability, and nature are intertwined. It has shown to us the domino effect that is triggered when one element in this interconnected system is overturned,” Dominguez said.

But the ongoing pandemic also demonstrated the remarkable capacity of human society to put the emergency brake on the "business-as-usual" mindset, Dominguez noted.

 “It showed that we can act as one and radically change our ways and our systems to fight the scourge of a deadly virus for the greater good of all,” Dominguez said.

 “The same unity, resolve, and sense of urgency should be applied in combating the climate emergency and pursuing low-carbon and sustainable development,” the finance official concluded.