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DOF Secretary Carlos Dominguez III

Dominguez to speak at climate change summit 

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Department of Finance (DOF) Secretary Carlos Dominguez III will lead the Philippine delegation to the 26th United Nations (UN) Climate Change Conference of the Parties (COP 26) in this city, where world leaders and other decision makers will gather starting Sunday to determine how to accelerate action on reversing the devastating effects of the climate crisis.

Dominguez will highlight the Philippines’ efforts in addressing the climate crisis and is expected to demand greater accountability from Western countries that contributed and continue to contribute the most greenhouse gas emissions.

The series of COP 26-related meetings will run from Oct. 31 to Nov. 12, 2021.

Foreign Affairs Secretary Teodoro Locsin, Jr. will also join the delegation to the 12-day climate summit.

Dominguez and Locsin will be accompanied by the Philippine Delegation Secretariat, composed of the DOF, Department of Foreign Affairs (DFA), Department of Energy (DOE), and Department of Environment and Natural Resources (DENR).

The delegation, which will endeavor to champion climate justice and climate finance, will be participating in five priority workstreams, namely: Common Time Frames of the Nationally Determined Contributions (NDCs) and the Enhanced Transparency Framework; Adaptation; Article 6 of the Paris Agreement; Sustainable Finance; and Technology Transfer and Development. 

The delegation will also work closely with its peers under the G77 and China coordination meetings.

Representatives from each agency, meanwhile, will act as substantive negotiators: Undersecretary Mark Dennis Joven and Assistant Secretary Paola Sherina Alvarez from the DOF; Philippine Permanent Mission to the United Nations in New York Leila Lora-Santos; Undersecretary Felix William Fuentabella from the DOE; and Director Albert Magalang from the DENR.

Despite emitting only 0.3 percent of global greenhouse gas emissions, the Philippines has drawn up extensive plans to cut local carbon emissions by 75 percent by 2030.

This ambitious target is the country’s first Nationally Determined Contribution (NDC) in accordance with its commitment to the Paris Agreement on Climate Change.

The Philippines is one of the countries at highest risk for climate-related disasters.

Climate-induced hazards caused a loss of PHP463 billion in infrastructure alone from 2010 to 2019, with the total damages in 2020 alone reaching PHP113.4 billion.

In the next 50 years, the country has a 40 percent chance of experiencing a loss exceeding PHP989 billion, and a 20 percent chance of experiencing a loss exceeding PHP1.53 trillion.

The Sustainable Finance Roadmap and its Guiding Principles is the country’s primary blueprint as the Philippines transitions to a low-carbon and climate-resilient society.

Created in partnership with the government of the United Kingdom (UK) as it helps the country implement the Asean Low Carbon Energy Programme, the Sustainable Finance Roadmap aims to address policy and regulatory gaps in promoting sustainable investments through finance, implementing sustainable government initiatives, facilitating investments in public infrastructure, and developing projects that promote sustainable financing in the Philippines.

To increase capacity in enacting relevant and actionable plans across the different regions, the Climate Change Commission (CCC), of which Dominguez is the chairperson-designate, reconstituted its National Panel of Technical Experts (NPTE).

Composed of specialists from diverse fields of expertise, the consulting body will provide innovative and concrete advice for programs and policies in local communities.

On Nov. 3, Dominguez will deliver a keynote address at the Energy Transition Mechanism (ETM) Launching, which will officially establish an ETM to accelerate the transition from coal to clean energy in Southeast Asia in an equitable and scalable manner. 

He will be joined by Indonesian Minister of Finance Sri Mulyani Indrawati and Asian Development Bank (ADB) President Masatsugu Asakawa.

On the same day, he will take part  as one of the panelists at the 4th High Level Ministerial Dialogue on Long Term Climate Finance. 

Dominguez will also join the Ministerial Dialogue for Adaptation, Loss, and Damage Day on Nov. 8.

On Nov. 9, Secretary Dominguez will deliver the Philippines’ National Country Statement for COP 26.

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