Diokno lauds landmark project on ‘nature-based’ climate solutions

Finance Secretary Benjamin Diokno thanked and commended the United Nations Development Programme (UNDP) and the Government of Canada for the launch of a new project that would provide the Philippines with gender-responsive and nature-based solutions for climate-resilient technologies and initiatives.

“A growing body of evidence shows that climate change impacts… disproportionately affect the poorest, the women and girls, and the most marginalized groups. Clearly, there is a need for a just transition to resilient and low emission development that sustains nature and ecosystems and protects the rights of all who are affected and at risk,” said Secretary Diokno in a pre-recorded message for the launch of ‘Accelerating Green and Climate Finance in the Philippines: Nature-Based Solutions’.

Secretary Diokno called the project launch a milestone in the country’s sustainability journey and national climate agenda.

The Philippines bears the brunt of the ill effects of climate change. The country’s high exposure to climate risks has pushed the government to boldly and swiftly take action.

The Department of Finance and Bangko Sentral ng Pilipinas have built a sustainable finance ecosystem to synergize public and private investments in green projects. This roadmap sets the guiding principles that will create the environment for greener policies in the Philippines.

Meanwhile, the government’s Sustainable Finance Framework seeks to ensure transparency in the use of proceeds, as well as the expected environmental and social impact of eligible green and social projects, in keeping with international best practices.

Secretary Diokno noted global estimates that suggest that insufficient action on climate change could cost the global economy USD 178 trillion by 2070, or almost double the current global gross domestic product.

He emphasized the need for stakeholders to now move from negotiations and planning to implementation and action on the ground.

“I eagerly look forward to seeing how this Project will contribute to the accelerated attainment of our NDC targets and the Philippines Biodiversity Strategy and Action Plan, and how it will improve the resilience and environmental security of Filipino women and vulnerable communities,” said Secretary Diokno.