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PH calls for inclusion of developing countries' needs in climate finance
PH calls for inclusion of developing countries' needs in climate finance
The Philippine government has called for the inclusion of the needs and priorities of developing countries in the definition of climate finance as a floor amounting to $100 billion has been committed by developed countries to be mobilized for climate action every year.
Through Philippine Ambassador to Egypt Ezzedin Tago, the government asked for a delivery plan to achieve the grant, which focuses on adaptation financing, scaling up climate finance grants, and streamlining access to financing.
The government also stated that financial mechanisms should be based on the best available science and technologies.
This came as Tago called for the adoption of a transformational and operational definition of "climate finance" to include the principles or characteristics of the New Collective Quantified Goal (NCQG) at the fifth High-Level Ministerial Dialogue on Climate Finance of the 2022 during the United Nations Climate Change Conference (COP27) in Sharm el Sheikh, Egypt on November 14.
At COP21 in Paris, states parties decided that the Conference of the Parties serving as the meeting of the Parties to the Paris Agreement (CMA) shall set a new NCQG before 2025 from a floor of $100 billion per year. That should take into account the needs and priorities of developing countries, the United Nations Climate Change said in its website.
Tago also relayed before his fellow diplomats that the collective ambition of scaling up climate action should be anchored on a transparent, accessible, predictable and efficient mobilization of climate finance.
He stressed the need for swift and effective initiatives.
"Let us all work to break down the barriers to ambitious climate finance. Let us all endeavor for a climate finance that offers more sustainable results," he told his fellow participants during the gathering.
Moderated by the ministers of Maldives and Finland, the dialogue set venue for states parties to share the challenges and key areas of progress in climate finance, how the delivery and transparency of climate financing can be further enhanced, and lessons learned that can be applied to the deliberations on the new collective quantified goal.