DOF reconvenes Green Force, discusses next steps on Sustainable Finance Roadmap

The Department of Finance (DOF) reconvened the Inter-Agency Task Force on Sustainable Finance (ITSF), otherwise known as the Green Force, on May 12, 2023 at the DOF Office in Manila to discuss the status and next steps in the implementation of the Sustainable Finance Roadmap and its Guiding Principles.

The ITSF was established with support from the Government of the United Kingdom (UK) under the Association of Southeast Asian Nations (ASEAN) Low Carbon Energy Programme (ALCEP) to aid in the development of a green and sustainable economy in the Philippines.

In October 2021, the ITSF issued the Sustainable Finance Roadmap and its Guiding Principles.

The Roadmap laid out the strategic action plan in mobilizing finance to support the country’s transition towards a low-carbon and climate-resilient economy. It was designed to facilitate investments to support the country’s Nationally Determined Contribution (NDC).

Meanwhile, the Guiding Principles provided principles-based guidance on identifying the economic activities that contribute to supporting sustainable development.

“Clearly, we have made much progress in advancing the Sustainable Finance Ecosystem. But long-term policy making is still necessary to ensure the continuity and effectiveness of Programs, Activities, and Projects that will be implemented across sectors and industries,” Finance Secretary Benjamin Diokno said during his opening remarks.

The meeting also tackled the UK Government’s technical assistance on the formulation of the country’s Long-Term Vision (LTV) document; plans to develop the country’s Long-Term Strategies (LTS); and the Philippines’ climate change action priorities, among others.

The LTV will lay down the components of the LTS that would allow the country to achieve its NDC commitments.

“The Department of Finance recognizes the integral role of finance in the discussion concerning sustainable economic growth and concrete climate action,” Secretary Diokno said.

The ITSF leads the development and implementation of the Roadmap and Guiding Principles, and is in the best position to encourage public and private sectors to design and implement Programs, Activities, and Projects that contribute to environment conservation, inclusive growth, and sustainable development.

Secretary Diokno called for a concerted effort from the government, international partners, private sector, and concerned stakeholders to ensure that the transition towards a low-carbon and climate-resilient economy is just and inclusive.

“Let us not forget that the choices and decisions we make today will determine the welfare of our people, and that it is our job to protect the welfare of the most vulnerable members of society,” he said.