The Philippine government, the private sector and investors agreed to work together to address the problems caused by climate change.
The country’s top corporations and officials from the Philippine Climate Change Commission gathered during the 4th Carbon PH Coalition learning series on April 11 to discuss the climate change challenges faced by the country and mitigation measures using nature-based solutions.
The government stated in the meeting that it has already laid the policy groundwork for decarbonization, while private sector leaders confirmed that investors are ready to finance green projects.
Both the government and the private sector should work together in a collective effort to achieve the country’s climate goals, according to Climate Change Commission Secretary Robert Borje.
He attended the event as the keynote speaker, outlining the current threats that the country faces from climate change and the steps taken by the Marcos administration.
He highlighted the effects of climate change in the country such as increased intensity of typhoons, which cost the country P673.30 billion from 2011 to 2021.
“Climate change intersects with various social, economic, and ecosystem challenges, exacerbating issues such as poverty, inequality, and biodiversity loss. Businesses face disruptions in operations, supply chains, and increased costs due to disasters, ultimately leading to economic instability and job loss,” Borje said.
He said the government requires a ‘whole-of-society’ approach, and that collaborating with the private sector, academe, and communities, among others, is essential.
Borje said the country aligned with various international frameworks and agreements such as the United Nations Framework Convention on Climate Change, the Kyoto Protocol, the Sendai Framework, the Paris Agreement and the 2030 Agenda for Sustainable Development.
The government also created guiding documents such as the National Framework Strategy on Climate Change (NFSCC), National Climate Change Action Plan (NCCAP), and the National Adaptation Plan (NAP) which identify priority climate investments and guidance for businesses to climate-proof their operations.
Meanwhile, the People’s Survival Fund Act serves as financial support for local climate change adaptation projects and encourages the private sector to invest in low-carbon and sustainable practices.
“Government policies, together with private sector investments, can pave the path for stronger climate action,” Borje said.