The Department of Finance (DOF) is working with multilateral agencies and other development partners for the country’s energy transition initiatives.
Paola Alvarez, DOF assistant secretary, said in a virtual roundtable discussion yesterday the government is working with the World Bank to come up with carbon pricing instruments.
“What we want to do is to manage how we actually price coal, or how we price carbon emissions,” Alvarez said.
She also said DOF is working with the Asian Development Bank (ADB) for the pilot of a Coal Replacement Fund.
“We are looking into partnerships with different governments, from the development partners like the British Embassy on how we could have energy transition. They also recognize that it will take some time,” Alvarez said.
“That’s why we have until 2030, to actually meet our Nationally Determined Contribution targets. So we’ve been working with the United Kingdom, with the European Union, and now we are also in talks with the United States on how we could actually move investments towards these cleaner sources of energy,” she added.
