THE Philippines has called for the completion of a new financing framework before 2025 to support developing countries in balancing growth and addressing the impact of climate change.
In a statement, the Department of Finance (DOF) said the New Collective Quantified Goal on Climate Finance (NCQG) is a key element of the Paris Agreement designed to create a new financing framework that will provide developing countries with a scaled up financing goal to support their respective climate actions.
“We must realize the urgency and value of the NCQG as a framework that will provide much-needed financial support and mobilization to address the evolving needs and priorities of developing countries. It is our responsibility to come together and create an NCQG text that genuinely reflects these needs,” DOF undersecretary Maria Luwalhati Dorotan Tiuseco said.
Tiuseco delivered the remarks at the 2024 High-Level Ministerial Dialogue on the NCQG on Climate Finance on October 9, in Baku, Azerbaijan.
“From public interventions to private sector action, NCQG calls for a level of commitment that matches the scale of our ambition, while remaining sensitive to common but differentiated responsibilities, respective capabilities and national circumstances,” she added.
During her intervention, Tiuseco called for simplified access to finance, including through multilateral development banks, multilateral funds and bilateral channels.
In addition, she asserted that the quantum of the NCQG should be significantly supported by public finance, specifically by grants or highly concessional financing.
Furthermore, a five-year time frame with a mandatory periodic assessment and review beginning in the third year to reflect country-driven needs assessment must be adopted.
“We are firm in our stance that climate finance should be new and additional to any official development assistance that may be provided,” Tiuseco said.
