THE Philippines called for adopting a transformational and operational definition of “climate finance” to include the principles or characteristics of the New Collective Quantified Goal (NCQG).

At the fifth High-Level Ministerial Dialogue on Climate Finance of the 2022 United Nations Climate Change Conference (COP27) held in Sharm el Sheikh, Egypt, on November 14, 2022, Philippine Ambassador to Egypt H.E. Ezzedin Tago said that the collective ambition of scaling up climate action should be anchored on a transparent, accessible, predictable, and efficient mobilization of climate finance.

The NCQG is the new set of climate financial support that takes into account the needs and priorities of developing countries from a floor of USD$100 billion per year.

Manila asked for a delivery plan for achieving the USD$100 billion that focuses on adaptation financing, scaling up climate finance grants, and streamlining access to financing.

The country likewise stated that financial mechanisms should be based on the best available science and technologies.

Tago highlighted the need for swift and effective initiatives. “Let us all work to break down the barriers to ambitious climate finance. Let us all endeavor for climate finance that offers more sustainable results,” he stated.

The dialogue was moderated by the Ministers of Maldives and Finland. States Parties shared the challenges and key areas of progress in climate finance, how the delivery and transparency of climate financing can be further enhanced, and lessons learned that can be applied to the deliberations on the new collective quantified goal.

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Cristina Lee-Pisco