DOF leads discussion on climate finance in PHL

The Department of Finance (DOF) recently led a hybrid roundtable discussion aimed at enhancing climate finance initiatives in the Philippines.

The event brought together various government agencies and development partners to streamline climate change components into public financial management and improve access to climate finance.

Maria Luwalhati Dorotan Tiuseco, DOF Chief-of-Staff and Undersecretary for Climate Finance Policy Group, highlighted the department’s commitment to the idea of climate finance.

“We at the DOF are pleased to lead the initiatives of the Climate Finance Network in the Philippines, working hand-in-hand with government agencies and development partners to access and monitor climate finance most effectively.”

The roundtable was part of the Climate Finance Network (CFN) initiatives, funded by the United Kingdom Foreign, Commonwealth and Development Office (UK-FCDO) and executed by the United Nations Development Programme (UNDP).

The CFN acts as a knowledge management and technical support facility, assisting Ministries of Finance and sub-national governments in identifying and scaling up climate finance innovations.

During the discussion, the UNDP introduced the CFN Programme and Country Plan, presenting preliminary findings of the Climate Change Budget Integration Index (CCBII++), a tool assessing the integration of climate change finances in public financial management.

This tool, now including gender and human rights aspects, helps establish baselines for each country to track progress in mainstreaming climate change into planning and budgeting.

The CFN’s Philippine Country Strategy 2022 – 2026 outlines key initiatives, including results-based climate budgeting, adaptive social protection, and climate performance audit support.

The strategy aims to aid the National Economic and Development Authority (NEDA) and the Department of Budget and Management (DBM) in creating guidelines for climate-aligned budget calls and medium-term expenditure frameworks.

Additionally, the CFN supports the Commission on Audit (COA) in conducting climate performance audits, ensuring accountability and sustainability.

The Department of Social Welfare and Development (DSWD) is also developing an Adaptive Social Protection Baseline Assessment to integrate climate measures into social protection agendas, enhancing the government’s readiness for adaptive social protection measures.

Undersecretary Tiuseco expressed gratitude for international support, emphasizing the importance of collaboration.

“As climate finance remains an emerging area of focus, we leverage the expertise of each agency so we can amplify our impact, accelerate the implementation of climate adaptation and mitigation projects, and ultimately attain our national targets.”

The roundtable was attended by representatives from various national government agencies, including the Department of Environment and Natural Resources (DENR), DBM, DSWD, Bangko Sentral ng Pilipinas (BSP), COA, NEDA, Philippine Commission on Women (PCW), and Congress Research and Budget Policy (CPBRD), along with development partners from UNDP Philippines and UNDP Bangkok Regional Hub.

The collaborative effort underscores the Philippines’ dedication to building long-term resilience against climate risks and transitioning to a low-carbon, sustainable development pathway.

The DOF continues to support innovative and intergovernmental solutions to manage climate finance, disaster risk financing, and sustainable finance coordination effectively.