The Market Monitor Minding the Nation's Business
The Department of Finance (DOF) spearheaded a hybrid roundtable discussion as the lead facilitator for Climate Finance Network (CFN) initiatives in the Philippines to propel mainstreaming climate change components in the public financial management and further scale up access to climate finance.
“[W]e at the DOF are pleased to lead the initiatives of the Climate Finance Network in the Philippines, working hand-in-hand with government agencies and development partners to access and monitor climate finance most effectively,” DOF Chief-of-Staff and Undersecretary for Climate Finance Policy Group (CFPG) Maria Luwalhati Dorotan Tiuseco said in her opening remarks.
“[W]e stand ready to steer these innovative and intergovernmental solutions to efficiently manage all modalities of climate finance, disaster risk financing and insurance, and sustainable finance coordination,” she added.
The CFN is funded by the United Kingdom Foreign, Commonwealth and Development Office (UK-FCDO) and executed by the United Nations Development Programme (UNDP).
It serves as a knowledge management and technical support facility to assist member countries’ Ministries of Finance, with the engagement of sector ministries and sub-national governments, in identifying and scaling up climate finance innovations in the region.
The UNDP introduced the CFN Programme and Country Plan, and presented the preliminary findings of the Climate Change Budget Integration Index (CCBII++) in the Philippines report.
This will pave the way for a more robust implementation of mainstreaming climate change components to efficiently manage financial flows towards adaptation and mitigation efforts. The DOF will work closely with the UNDP CFN to further enhance the Climate Change Expenditure Tagging with the Department of Budget and Management (DBM) and Climate Change Commission (CCC).
The roundtable discussion also covered the CFN’s key initiatives in the Philippines, such as the Climate Change Budget Integration Index (CCBII+); Results Based Climate Budgeting; Adaptive Social Protection, and Climate Performance Audit support.