Dubai – Philippine Department of Finance (DOF) Secretary Benjamin Diokno emphasized the urgency of establishing the New Collective Quantified Goal (NCQG) on climate finance to bolster global climate action efforts. Diokno’s remarks were made during the 2023 High-level Ministerial Dialogue on the New Collective Quantified Goal on Climate Finance, held as part of the United Nations Climate Change Conference (COP28) on December 3, 2023, in Dubai.

According to Philippines News Agency, the Conference of the Parties serving as the meeting of the Parties to the Paris Agreement (CMA) had previously resolved at COP21 to set an NCQG, starting at a minimum of USD100 billion per year before 2025. The goal is to address the needs and priorities of developing countries. Diokno called for the immediate establishment of the NCQG, underlining the need to enhance both the quality and quantity of climate finance.

He proposed a five-year timeframe for the NCQG to maintain coherence in climate action under the United Nations Framework Convention on Climate Change. Emphasizing the principles of transparency, accessibility, predictability, and efficiency, Diokno highlighted the importance of making climate finance goals science- and evidence-based, with clear operational definitions and timeframes. He also advocated for scaling up financial resources and ensuring that climate finance is demand-driven and aligned with each country’s development pathways.

ADB Support for the Philippines

In a related development, the Asian Development Bank (ADB) announced its commitment to providing USD10 billion in climate finance for the Philippines from 2024 to 2029. This support, disclosed by ADB President Masatsugu Asakawa at COP28, aims to assist the Philippines in implementing its Paris Agreement commitments. The announcement was made during a dialogue focused on accelerating climate finance, which was attended by Diokno, Philippine Environment Secretary Maria Antonia Yulo-Loyzaga, and other ministers.

Asakawa remarked on the critical role of Asia and the Pacific in the fight against climate change, particularly in the Philippines. The ADB’s upcoming country partnership strategy for the Philippines will prioritize climate action and inclusive growth, focusing on low-carbon transport, renewable energy, carbon markets, flood management, resilient coastal development, food security, and adaptive health and social protection.

Diokno highlighted the significance of the Nationally Determined Contributions Implementation Plan (NDC-IP), developed with the ADB, in establishing a robust climate finance ecosystem in the Philippines. The NDC-IP integrates various national strategies and plans to create a cohesive approach to climate action and finance in the country.

Dubai – Philippine Department of Finance (DOF) Secretary Benjamin Diokno emphasized the urgency of establishing the New Collective Quantified Goal (NCQG) on climate finance to bolster global climate action efforts. Diokno’s remarks were made during the 2023 High-level Ministerial Dialogue on the New Collective Quantified Goal on Climate Finance, held as part of the United Nations Climate Change Conference (COP28) on December 3, 2023, in Dubai.

According to Philippines News Agency, the Conference of the Parties serving as the meeting of the Parties to the Paris Agreement (CMA) had previously resolved at COP21 to set an NCQG, starting at a minimum of USD100 billion per year before 2025. The goal is to address the needs and priorities of developing countries. Diokno called for the immediate establishment of the NCQG, underlining the need to enhance both the quality and quantity of climate finance.

He proposed a five-year timeframe for the NCQG to maintain coherence in climate action under the United Nations Framework Convention on Climate Change. Emphasizing the principles of transparency, accessibility, predictability, and efficiency, Diokno highlighted the importance of making climate finance goals science- and evidence-based, with clear operational definitions and timeframes. He also advocated for scaling up financial resources and ensuring that climate finance is demand-driven and aligned with each country’s development pathways.

ADB Support for the Philippines

In a related development, the Asian Development Bank (ADB) announced its commitment to providing USD10 billion in climate finance for the Philippines from 2024 to 2029. This support, disclosed by ADB President Masatsugu Asakawa at COP28, aims to assist the Philippines in implementing its Paris Agreement commitments. The announcement was made during a dialogue focused on accelerating climate finance, which was attended by Diokno, Philippine Environment Secretary Maria Antonia Yulo-Loyzaga, and other ministers.

Asakawa remarked on the critical role of Asia and the Pacific in the fight against climate change, particularly in the Philippines. The ADB’s upcoming country partnership strategy for the Philippines will prioritize climate action and inclusive growth, focusing on low-carbon transport, renewable energy, carbon markets, flood management, resilient coastal development, food security, and adaptive health and social protection.

Diokno highlighted the significance of the Nationally Determined Contributions Implementation Plan (NDC-IP), developed with the ADB, in establishing a robust climate finance ecosystem in the Philippines. The NDC-IP integrates various national strategies and plans to create a cohesive approach to climate action and finance in the country.

Dubai – Philippine Department of Finance (DOF) Secretary Benjamin Diokno emphasized the urgency of establishing the New Collective Quantified Goal (NCQG) on climate finance to bolster global climate action efforts. Diokno’s remarks were made during the 2023 High-level Ministerial Dialogue on the New Collective Quantified Goal on Climate Finance, held as part of the United Nations Climate Change Conference (COP28) on December 3, 2023, in Dubai.

According to Philippines News Agency, the Conference of the Parties serving as the meeting of the Parties to the Paris Agreement (CMA) had previously resolved at COP21 to set an NCQG, starting at a minimum of USD100 billion per year before 2025. The goal is to address the needs and priorities of developing countries. Diokno called for the immediate establishment of the NCQG, underlining the need to enhance both the quality and quantity of climate finance.

He proposed a five-year timeframe for the NCQG to maintain coherence in climate action under the United Nations Framework Convention on Climate Change. Emphasizing the principles of transparency, accessibility, predictability, and efficiency, Diokno highlighted the importance of making climate finance goals science- and evidence-based, with clear operational definitions and timeframes. He also advocated for scaling up financial resources and ensuring that climate finance is demand-driven and aligned with each country’s development pathways.

ADB Support for the Philippines

In a related development, the Asian Development Bank (ADB) announced its commitment to providing USD10 billion in climate finance for the Philippines from 2024 to 2029. This support, disclosed by ADB President Masatsugu Asakawa at COP28, aims to assist the Philippines in implementing its Paris Agreement commitments. The announcement was made during a dialogue focused on accelerating climate finance, which was attended by Diokno, Philippine Environment Secretary Maria Antonia Yulo-Loyzaga, and other ministers.

Asakawa remarked on the critical role of Asia and the Pacific in the fight against climate change, particularly in the Philippines. The ADB’s upcoming country partnership strategy for the Philippines will prioritize climate action and inclusive growth, focusing on low-carbon transport, renewable energy, carbon markets, flood management, resilient coastal development, food security, and adaptive health and social protection.

Diokno highlighted the significance of the Nationally Determined Contributions Implementation Plan (NDC-IP), developed with the ADB, in establishing a robust climate finance ecosystem in the Philippines. The NDC-IP integrates various national strategies and plans to create a cohesive approach to climate action and finance in the country.