Finance Secretary Benjamin Diokno: “We continue to seek support from international channels and partners to help us combat this [climate] crisis”
DIOKNO — The Department of Finance (DOF) said that Finance Secretary Benjamin Diokno urged international partners to boost aid for climate change mitigation and adaptation measures.
Diokno urged the private sector and multilateral development banks to ramp up support for climate change mitigation and adaptation measures in order to ensure that they have the fiscal space to address those challenges.
According to him, the finance department has advocated for a three-pronged blended approach of grants, investments, and subsidies as modalities of climate finance. He also acknowledged the positive impact of the country’s three-year membership with the coalition.
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The Finance chief said the Coalition has increasingly demonstrated its accountability towards addressing the needs of developing and highly vulnerable countries.
“[W]e call on the Coalition to sustain our collaborative efforts in pushing for concrete actions towards addressing climate change,” said the Finance chief. “We therefore look forward to the combined efforts of our coalition-building and partnership in order to achieve sustainability, inclusivity, and resilience for all,”
Based on a report, the Finance chief made the call during the 8th Ministerial Meeting of the Coalition of Finance Ministers for Climate Action at the International Monetary Fund (IMF) Headquarters in Washington, D.C. last October 12, 2022 (EDT)
The Department of Finance also said that the coalition brings together finance ministries from 78 member countries and 25 institutional partners in order to drive climate action and investments toward low-carbon resilient development.
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