On global climate finance target

On global climate finance target

Recently, the Climate Change Commission emphasized the gravity of setting a global climate finance target that complements the needs of developing countries, including the Philippines, an archipelagic country of 114 million people.

CCC vice chairperson and executive director Robert Borje, during the recently-concluded preparatory meeting for the 27th Session of Conference of the Parties (COP27), said the New Quantified Goal on Climate Finance must include the “key elements on transparency, responsiveness, and scale.”

“Towards substantial progress in climate finance delivery by 2025, VCED Borje highlighted that discussions stressed the New Collective Quantified Goal on Climate Finance must be anchored on the needs of the developing nations, and entail key elements on transparency, responsiveness, and scale,” the CCC said in a Facebook post.

“The Philippines likewise emphasized that climate finance must be accurately reported while being needs-based, and commensurate to the need of potential recipients,” it said in another post.

Borje had stressed that under President Ferdinand Marcos’ administration, there is a proposal to increase national budget allocation for climate change-related programs, projects, and activities.

The Philippines will also pursue stronger collaboration with partners and stakeholders “to implement more climate actions with results,” added Borje

At the same time, Borje emphasized the need for and the importance of all nations working together to fight the impacts of climate change.

“But we, the at-risk developing nations, cannot do it alone. And even if any of us can, we should not do it alone. We should work together for our One World, for One Humanity.”

Borje served as co-facilitator of discussions on the global agenda for climate finance during the PRECOP27 held in Kinshasa, Congo from Oct. 3 to 5.

The climate finance session, co-led by Poland, was also attended by Angola, Argentina, Chad, Denmark, Germany, Ghana, Japan, the Maldives, New Zealand, Norway, Papua New Guinea, Portugal, Saudi Arabia, Singapore, the United States, Zambia, and the European Union Commission.

Borje closed his speech by challenging participating climate finance experts to focus on a paradigm shift for climate finance and investment: “This is what we mean by Build Right at First Sight: to build justly and efficiently at first sight, with a long-term horizon in mind. Our discussions will go beyond dollars and cents.

“It will be recommendations for actions that will affect the lives and livelihood of nations. Today is an opportunity to get things right. To secure climate equity and justice for all.”

(Also backing up Secretary Borje at the Commission on Climate Change are dynamic Commissioners Albert dela Cruz and Rachel Ann Herrera. Please refer to above photo – Ed)

The Ad Hoc Work Program on New Collective Quantified Goal on Climate Finance (NCQGCF) created under the Paris Agreement is tasked to conduct four TEDs annually until 2024. The first and second TEDs were hosted by South Africa and Germany, respectively.

As the UNFCCC National Focal Point for the Philippines, the CCC is co-hosting the TED3, in partnership with the UNFCCC Secretariat and the Asian Development Bank.

The participants discussed the fulfillment of the US$100-billion financial commitment by developed countries under the Paris Agreement, as well as the need to set a higher climate finance target through the New Collective Quantified Goal of the Glasgow Climate Pact.

We take pride in that the CCC said the Philippines, as co-facilitator, helped ensure that discussions were anchored on developed nations’ resolve to support developing countries, particularly those “at risk and vulnerable,” as provided in the United Nations Framework Convention on Climate Change (UNFCCC) and the Paris Agreement.

“From the US$100 billion climate finance commitment of developed countries under the Paris Agreement, the New Collective Quantified Goal must set a higher target for climate finance to help implement climate change-related strategies and measures,” it said.

“With a view to realizing climate justice for vulnerable and at-risk developing nations, the Philippines underscored that access by least developed and developing countries to financial mechanisms must be streamlined and simplified,” it added.

It is gratifying that countries that attended the session sought the immediate mobilization of climate finance, as they acknowledged the need “to go beyond the USD100 billion to provide sufficient support to at-risk developing nations.”

The CCC added the state parties stressed the need to be “innovative, creative and flexible” in tapping financial resources both from public and private sources toward low-carbon and climate-resilient development, consistent with Article 2 of the Paris Agreement.

Congo, in partnership with Egypt as the incoming COP27 Presidency, and the UNFCCC, convened around 60 countries in Kinshasa for PRECOP27 to advance the discussions on major climate issues ahead of COP27.

“PRECOP27 in Kinshasa provides parties and partners a vital opportunity to discuss at length what is important for all in order to make significant headway in addressing climate change and its impacts, particularly for developing at-risk and vulnerable states like the Philippines,” Borje said.

The COP27 Presidency and the UNFCCC will be convening the heads of delegations to an informal consultation on mitigation and finance on Oct. 13 to 15 in Alexandria, Egypt.

COP27, on the other hand, will be held on Nov. 6 to 18 in Sharm El-Sheikh, Egypt.


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