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CIF 2023 Focuses on Accelerating Climate Investments in Manila

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Manila – The Climate Investment Forum (CIF) 2023, held at Crowne Plaza Manila Galleria on Nov. 20, brought together key stakeholders from the public and private sectors to discuss strategies for fostering climate-related investments in line with national policies and sectoral needs.

According to Philippines News Agency, who delivered the keynote address, the Philippines has developed its first Sustainable Finance Roadmap. This roadmap is designed to facilitate a whole-of-government approach to promote sustainable finance. It encompasses strategies like integrating risk management, promoting climate-related disclosures, and engaging in international initiatives. Diokno emphasized the importance of enabling a just transition for every sector and community.

The forum also highlighted the role of the 'Green Forces,' an Inter-agency Technical Working Group for Sustainable Finance responsible for reviewing the sustainable finance landscape, addressing policy gaps, and integrating sustainability into macroeconomic policies.

Director Nieva Natural from the National Economic and Development Authority outlined enabling mechanisms for climate investment, including the Philippine Development Plan (PDP) 2023-2038. She stressed the necessity for private sector investments to supplement public investments and funds.

The World Bank, through its Country Climate and Development Report, detailed the economic benefits of investing in climate solutions, noting that mitigation measures could boost GDP by about 0.5 percent by 2040 and create 80,000 jobs.

Dr. Selva Ramachandran, Resident Representative of the United Nations Development Programme, reaffirmed their commitment to support the Philippines in climate-resilient development and accelerating climate investment and financing. He called for enhanced private sector engagement and collaboration.

The event also included a presentation on the Strategic Investment Priority Plan by Director Sandra Marie Recolizado of the Board of Investments. Panel discussions during the forum covered topics such as security concerns in climate programs, private sector perspectives on new technologies, and challenges in increasing investments in climate action.

Commissioner Rachel Anne Herrera highlighted the essential role of collaborative efforts between the public and private sectors in tackling climate challenges. She expressed optimism about the Philippines' potential to lead the region in sustainable finance and prioritize climate-related investments.

Herrera cited President Ferdinand R. Marcos Jr.'s statements, emphasizing the need to mitigate, adapt to, and be part of the solution to climate challenges. She expressed hope that the CIF 2023 would strengthen partnerships beyond the forum to implement effective and transformational climate interventions.

The CIF 2023 forms part of the 16th Global Warming and Climate Change Consciousness Week, celebrated from Nov. 19 to 25. It serves as a vital platform for enhancing collaboration between government and private sector entities, addressing challenges, and seizing opportunities in climate investments, with the goal of facilitating a transition towards a climate-resilient and low-carbon future.