Diokno underscores critical role of finance in fight against climate change

Finance Secretary Benjamin E. Diokno has underscored the critical role of finance in the country’s fight against climate change and highlighted the Department of Finance’s (DOF) initiatives on this front.

“Recognizing the indispensable role of finance in the fight against climate change, the Department of Finance is proud to be a fierce advocate and one of the earliest adopters of climate policy in the Philippine government,” Secretary Diokno said in a recorded message to the Climate Investment Forum 2023.

Through the Inter-Agency Task Force on Sustainable Finance (ITSF) or “Green Force”, the DOF is building a sustainable finance ecosystem to synergize public and private sector investments.

The Green Force, co-chaired by DOF and the Climate Change Commission (CCC), is tasked to carry out a comprehensive review of the sustainable finance landscape in the country, identify gaps in the market, and develop plans and recommendations to advance the Philippines’ sustainable finance agenda.

On November 24, 2023, the Green Force convened to discuss progress in developing sustainable finance policies and mobilizing finance towards climate adaptation projects, while finalizing preparations for the Philippines’ participation at the Conference of the Parties or COP28.

The Department of Environment and Natural Resources (DENR) and CCC, together with DOF and other relevant agencies announced the completion of the country’s National Adaptation Plan and Nationally Determined Contribution Implementation Plan, with the corresponding financing plans underway.

Meanwhile, the Financial Sector Forum, composed of the BSP, Securities and Exchange Commission (SEC), Insurance Commission (IC), and Philippine Deposit Insurance Corporation (PDIC), is pursuing more initiatives in greening the financial system following the development of the Philippine Sustainable Finance Taxonomy Guidelines, which will be finalized early next year. The Securities and Exchange Commission presented the Sustainable Finance Initiatives in the ASEAN.

In 2021, the Green Force was able to launch the Philippines’ first-ever Sustainable Finance Roadmap, which outlines a whole-of-government approach to promote sustainable