DOF urges quick delivery of $100-B climate fund

The Department of Finance (DOF) urges the speedy distribution of a $100-billion minimum funding for climate change-mitigation projects for developing countries each year under the United Nations’ sustainability goal.

In a statement released Monday last week, the DOF said the fund will be part of the New Collective Quantified Goal on climate finance which is slated to be launched next year.

“The New Collective Quantified Goal on climate finance should be established without further delays,” Finance secretary Benjamin Diokno said last Sunday at the 2023 United Nations Climate Change Conference in Dubai, United Arab Emirates.

Since 2022, climate and socio-economic data from developing countries have been studied through the High-level Ministerial Dialogue consisting of 183 parties.

Their insights and recommendations are then noted at the Conference of the Parties which monitors the Paris Agreement. 

This requires countries to reduce carbon emissions toward a global average temperature of less than 2 degrees Celsius or close to the pre-industrial level.

The Philippine weather bureau last month said a “stronger” El Niño or dry season is possible next year as the sea temperature in the Pacific Ocean continues to rise over 1.5 degress Celsius. 

The Conference of the Parties will be conducting another series of four technical dialogues next year for its annual climate report. 

Diokno said these efforts should ensure transparency, accessibility, predictability, and efficiency of the multibillion climate fund. 

“The clarity of this new goal will define the predictability of our climate actions. Finally, we must collectively commit to deliver real progress in setting up the New Collective Quantified Goal or NCQG in 2024,” he said. 

Diokno proposes a five-year evaluation period for ensuring the NCQG continues to adhere to the principles of the United Nations Framework Convention on Climate Change.