PH to share best practices vs. climate change with Asean : v

PH to share best practices vs. climate change with Asean

Finance Secretary Carlos Dominguez III (file photo) MANILA - Finance Secretary Carlos Dominguez III said Tuesday the Philippines will share the inroads it has made in translating theories on addressing climate change into actionable projects on the ground with other countries, especially its fellow members in the Association of Southeast Asian Nations (Asean), to help accelerate adaptation and mitigation efforts to avert catastrophic global heating. Dominguez said Asean countries, like the Philippines, are highly vulnerable to the adverse effects of global warming, "must vigorously escalate" their respective mitigation and adaptation initiatives and "immediately move to concrete steps to save the planet." With the Philippines sinking at a rate four times faster than the global average and confronted with increasingly more severe typhoons and other extreme weather events, Dominguez said the country wants to set a clear example of how a highly vulnerable country can move ahead with its climate action ambition. "We are most open to sharing expertise, best practices, and technologies with the rest of the region. We hope our initiatives could be replicated and scaled by other countries," he said during the 3rd Climate Smart and Disaster-Resilient Asean (CSDRA). "The Philippines will do all these with a great sense of urgency. We see global warming as an existential threat to our archipelago. We will respond to the challenge with everything we have," added Dominguez, who is also chairperson-designate of the Climate Change Commission (CCC) and head of the Philippine delegation in the recent 26th United Nations (UN) Climate Change Conference of the Parties (COP26) held in Glasgow, Scotland. The two-day CSDRA virtual conference aims to bring together leading academic scientists, researchers, scholars, government agencies, non-government organizations, and other stakeholders to share their experiences and research results on aspects of climate change and disaster risks in Southeast Asia. As a new entrant to the Climate Change Performance Index (CCPI), the Philippines at No. 23 has outperformed its peers in the Asia-Pacific Region in terms of climate protection performance. The CCPI tracks the performance of 63 countries and the European Union (EU) on greenhouse gas (GHG) emissions, renewable energy (RE) use, and climate policy. At the CSDRA forum, Dominguez shared some of the initiatives that the Philippines is currently undertaking to move ahead with its climate ambition, which include the launching of its Sustainable Finance Roadmap to provide a masterplan that will create a synergy between public and private investments in greening the financial system, and the planned issuance of its first-ever sovereign green bonds. Dominguez said the country is ahead in the use of climate finance, with Philippine companies having issued USD4.8 billion worth of Asean-labelled Green, Social and Sustainability (GSS) bonds since 2019. This figure is equivalent to 29 percent of the current total Asean-labelled GSS Bond issuances, the highest in the Asean region. Dominguez said the Asian Development Bank (ADB), Indonesia and the Philippines have also launched a partnership for the trailblazing Energy Transition Mechanism (ETM) that will hasten the retirement of coal plants in the country and the shift to clean and renewable energy sources using an equitable, scalable, and market-based approach. The ETM project aims to bring together financial resources from multilateral banks, private institutional investors, philanthropic contributions and long-term investors to trigger the Philippines' decisive shift towards de-carbonization, he said. "This is a model of cooperation that may be replicated elsewhere in the world where multilateral finance institutions, governments, and the private sector are aligned in their climate resiliency goals," he added. On Dominguez's initiative, the CCC has put together a group of national technical experts who represent all corners of the Philippines to advise the Commission and engage fishers and farmers in local communities to prepare them to adapt and mitigate the impacts of global warming. To show to the world how the Philippines is acting with urgency, Dominguez said it has committed to reduce its GHG emissions by 75 percent in 2030 --one of the most ambitious Nationally Determined Contributions (NDCs) put forward by any country-- even though it is one of the lowest GHG emitters at only 0.3 percent of the world's total. (PR) }

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Manila , Philippines , Glasgow , Glasgow City , United Kingdom , Indonesia , The Philippines , Scotland , , Climate Change Commission , European Union , Energy Transition Mechanism , Association Of Southeast Asian Nations Asean , Asian Development Bank , Secretary Carlos Dominguez , Southeast Asian Nations , Climate Smart , Disaster Resilient Asean , United Nations , Climate Change Conference , Climate Change Performance Index , Asia Pacific Region , Sustainable Finance Roadmap , Asean Labelled Green , Nationally Determined Contributions , Finance Secretary Carlos Dominguez Iii File Photo Manila Said Tuesday The Philippines Will Share Inroads It Has Made In Translating Theories On Addressing Climate Change Into Actionable Projects Ground With Other Countries , Specially Its Fellow Members In The Association Of Southeast Asian Nations Asean , O Help Accelerate Adaptation And Mitigation Efforts To Avert Catastrophic Global Heating Dominguez Said Asean Countries , Ike The Philippines , Re Highly Vulnerable To The Adverse Effects Of Global Warming , Uot Must Vigorously Escalate Quot Their Respective Mitigation And Adaptation Initiatives Immediately Move To Concrete Steps Save The Planet With Philippines Sinking Ata Rate Four Times Faster Than Global Average Confronted Increasingly More Severe Typhoons Other Extreme Weather Events , Ominguez Said The Country Wants To Seta Clear Example Of Howa Highly Vulnerable Can Move Ahead With Its Climate Action Ambition Quot We Are Most Open Sharing Expertise , Best Practices , Nd Technologies With The Rest Of Region We Hope Our Initiatives Could Be Replicated And Scaled By Other Countries , Uot He Said During The 3rd Climate Smart And Disaster Resilient Asean Csdra Quot Philippines Will Do All These Witha Great Sense Of Urgency We See Global Warming As An Existential Threat To Our Archipelago Respond Challenge With Everything Have , Uot Added Dominguez , Ho Is Also Chairperson Designate Of The Climate Change Commission Ccc And Head Philippine Delegation In Recent 26th United Nations Un Conference Parties Cop26 Held Glasgow , Cotland The Two Day Csdra Virtual Conference Aims To Bring Together Leading Academic Scientists , Researchers , Scholars , Government Agencies , Non Government Organizations , Nd Other Stakeholders To Share Their Experiences And Research Results On Aspects Of Climate Change Disaster Risks In Southeast Asia Asa New Entrant The Performance Index Ccpi , He Philippines At No 23 Has Outperformed Its Peers In The Asia Pacific Region Terms Of Climate Protection Performance Ccpi Tracks 63 Countries And European Union Eu On Greenhouse Gas Ghg Emissions , Enewable Energy Re Use , Nd Climate Policy At The Csdra Forum , Ominguez Shared Some Of The Initiatives That Philippines Is Currently Undertaking To Move Ahead With Its Climate Ambition , Hich Include The Launching Of Its Sustainable Finance Roadmap To Providea Masterplan That Will Createa Synergy Between Public And Private Investments In Greening Financial System , Nd The Planned Issuance Of Its First Ever Sovereign Green Bonds Dominguez Said Country Is Ahead In Use Climate Finance , Ith Philippine Companies Having Issued Usd4 8 Billion Worth Of Asean Labelled Green , Ocial And Sustainability Gss Bonds Since 2019 This Figure Is Equivalent To 29 Percent Of The Current Total Asean Labelled Bond Issuances , He Highest In The Asean Region Dominguez Said Asian Development Bank Adb , Ndonesia And The Philippines Have Also Launcheda Partnership For Trailblazing Energy Transition Mechanism Etm That Will Hasten Retirement Of Coal Plants In Country Shift To Clean Renewable Sources Using An Equitable , Scalable , Nd Market Based Approach The Etm Project Aims To Bring Together Financial Resources From Multilateral Banks , Rivate Institutional Investors , Hilanthropic Contributions And Long Term Investors To Trigger The Philippines 39 Decisive Shift Towards De Carbonization , E Said Quot This Isa Model Of Cooperation That May Be Replicated Elsewhere In The World Where Multilateral Finance Institutions , Governments , Nd The Private Sector Are Aligned In Their Climate Resiliency Goals , Uot He Added On Dominguez 39s Initiative , He Ccc Has Put Togethera Group Of National Technical Experts Who Represent All Corners The Philippines To Advise Commission And Engage Fishers Farmers In Local Communities Prepare Them Adapt Mitigate Impacts Global Warming Show World How Is Acting With Urgency , Ominguez Said It Has Committed To Reduce Its Ghg Emissions By 75 Percent In 2030 One Of The Most Ambitious Nationally Determined Contributions Ndcs Put Forward Any Country Even Though Is Lowest Emitters At Only 0 3 World 39s Total Pr ,

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