The pandemic, natural disasters and our climate change challenge have inspired many of us to take a deeper dive into science.
The growing interest is not to only to know how and why such phenomenon occur, but more importantly, to understand the ways by which we can address the concerns that emerge out of them.
The recent growth in the following of the Department of Science and Technology, and its agencies such as the PAGASA and Phivolcs, and the DENR and the Climate Change commission's Social Media following indicates a higher interest in the science that underlies phenomena.
Thus, I guess a growing number of Filipinos are beginning to realize that solutions to the problems we are facing, and we will face over the next decade, such as climate change, health related concerns and the issues rising therefrom will require new approaches and solutions which will require more and better technology, and a deeper appreciation for science.
In my recent October 24, 2021 column entitled Dealing with climate change this is the challenge of the generation, I explained how addressing this generational challenge will require a lot of collaboration from all sectors. This collaboration comes with an increasing appreciation for science, which in my view, opens the mind and makes us think in the long term focusing on sustained solutions to resolve rather than short term responses.
This is manifested in the appreciation for new infrastructure, the distribution of tractors and harvesters by the Department of Agriculture, the recent launch into orbit of our two new satellites, the virology institute, results of research into virgin coconut oil (vco) and lagundi as an adjunct covid therapy, and new investments in electric vehicles and vaccine manufacturing, and the shift of the Department of Energy to green energy options.
This interest in science and environment is clear in the call of the Philippine Department of Finance (DOF) for sustainable finance at the 26th United Nations Climate Change Conference of Parties (COP26) Conference in Glasgow, Scotland. This includes a laudable push for a sustainable finance roadmap which includes means to ensure sustainability in financing investments and projects towards building a resilient economy especially for those vulnerable to climate change impacts, such as the agriculture sector.
This includes measures to make sure that our national target commitments to the Paris Climate Change Agreement, and measures to ensure resilience against climate related disruptions that affect countries such as ours.
Sustainable finance will help inspire businesses and government agencies to ensure that projects financed will adhere to sustainable development and environmental principles in their design and execution. This means that sustainable finance ensures that sustainable development, disaster risk reduction, more renewable energy, greater pollution control reduction and management measures, designed to mitigate and manage impacts of future disasters and sure that they rise again quickly are mainstreamed and incorporated in the design of projects.
Banks will play a key role in making sure that projects they finance will implement the sustainable finance approaches and measures to encourage more projects to be environmentally friendly and sustainable because this makes the project more financially feasible and viable.
I am thus hoping that local banks, small and large and businesses of all types will respond by engaging in the further use and development of these technology driven innovations government has spearheaded, and take a deeper look into sustainable finance so that investments are environmentally sustainable but resilient to build a strong economy.