DOF Chief Gains London’s Backing on AI, Climate Finance

Finance Secretary Ralph G. Recto secured support from London’s financial sector for the Philippines’ goals in artificial intelligence (AI) and climate finance following a high-level meeting with Lord Mayor of London Alderman Michael Mainelli on Oct. 29.

Held at London’s Mansion House, the meeting led to an invitation from Mainelli for the Philippines to join the UK’s Ethical AI Initiative, a global AI management program currently involving 60 countries.

The initiative seeks to promote responsible and ethical AI development, aligning with the Philippines’ goal to build a “culture of human-centered technology that prioritizes rights, privacy, and dignity,” Recto said.

Lord Mayor Mainelli expressed confidence in the partnership, underscoring the importance of AI’s ethical application. “This initiative provides the framework for nations to build trust in AI, protecting both individual rights and societal interests,” Mainelli stated.

The talks also focused on climate finance, with Mainelli offering technical support for establishing sustainability-linked policy performance bonds.

These bonds, seen as an alternative to traditional environmental, social, and governance (ESG) financing, are expected to help the Philippines attract sustainable investments to combat climate change.

Mainelli further outlined potential investment in hydrogen-fueled technologies, which he described as critical for decarbonization efforts. “Hydrogen investments could transform transportation in the Philippines, reducing its carbon footprint,” he said.

Beyond AI and climate finance, discussions expanded to include collaboration in strategic sectors such as mining, defense and security, and renewable energy.

The Lord Mayor, in turn, sought Philippine support for the UK’s Space Protection Initiative, aimed at ensuring the safe and sustainable use of space systems amid rising global dependency.

Recto’s delegation included Chief of Staff and Undersecretary Maria Luwalhati Dorotan Tiuseco, Undersecretary Domini S. Velasquez, and National Treasurer Sharon P. Almanza. The meeting occurred alongside the Philippine Economic Briefing in London, held from Oct. 29 to 31.

The Lord Mayor’s backing marks a significant step in aligning the Philippines’ technological and environmental agendas with those of the UK, as the country looks to boost its role in global AI governance and sustainable finance.