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Diokno underscores critical role of coalitions in advancing collective action to address climate change

DUBAI, UNITED ARAB EMIRATES––Finance Secretary Benjamin E. Diokno has underscored the critical role of coalitions in advancing collective action towards addressing climate change during a Department of Finance (DOF)-led side event as part of the 2023 United Nations Climate Change Conference (COP28) on December 4, 2023 at the Philippine Pavilion.

Organized with the support of the Asian Development Bank (ADB), the Philippine government conducted a high-level dialogue entitled “Investing in a Better Tomorrow: Harnessing Financing Coalitions for Accelerating Climate Finance.”

The event aims to foster dialogue among key representatives from coalitions on accelerating climate finance in private and public programs, as well as share best practices on innovative financing instruments and approaches.

According to Secretary Diokno, financing a net-zero future requires about US$ 5 trillion every year by 2030. Of this figure, emerging and developing countries need US$ 2 trillion.

“As we explore innovative ways to mobilize and allocate resources, we highlight the critical role of coalitions as platforms for bringing together diverse stakeholders––governments, private sector, and nonprofit organizations – who are united by a common purpose,” Secretary Diokno said in his keynote message.

Aside from respective countries’ domestic efforts to scale up climate finance, Secretary Diokno called for collective and decisive action from partner financing coalitions in catalyzing global public climate finance.

Secretary Diokno specifically thanked the ADB for being a strong and reliable partner in the country’s fight against climate change.

Aside from its support in mobilizing climate finance, the ADB is helping the Philippines develop its Nationally Determined Contribution Implementation Plan (NDC IP), which will be instrumental in facilitating a sound and robust climate finance ecosystem in the country.

Meanwhile, the Philippines has embarked on a Readiness and Preparatory Support Program with the Global Green Growth Institute (GGGI) to strengthen the country’s capacity and knowledge on accessing the Green Climate Fund (GCF).

More importantly, the government is pushing to develop a Climate