Ambassador of the Philippines to Egypt H.E. Ezzedin H. Tago delivers the Philippine intervention during the High-Level Ministerial Dialogue on Climate Finance on 14 November 2022.

SHARM EL-SHEIK, 14 November 2022 – At the start of the second week of COP27, the COP Presidency convened the fifth High-Level Ministerial Dialogue on Climate Finance on the progress and fulfillment of the goal of mobilizing the jointly $100 billion per year by 2020, in the context of meaningful mitigation action and transparency on implementation.

The Dialogue was moderated by the Ministers of Maldives and Finland. For the roundtable discussion, states were asked to share the challenges and key areas of progress in climate finance. Parties were asked how the delivery and transparency of climate financing can be further enhanced and to share lessons learned which can be applied to the deliberations on the New Collective Quantified Goal (NCQG).

During the Philippine intervention, Philippine Ambassador to Egypt His Excellency Ezzedin Tago urged for the adoption of a transformational and operational definition of “climate finance” to include the principles or characteristics of the NCQG, covering both quantitative and qualitative elements, including effectiveness and sources of financing.

The definition of climate finance should espouse accessibility, inclusivity, adequacy, effectivity, predictability, measurability, transparency, additionality, and responsiveness to the needs and priorities of developing countries. The Philippines called for a delivery plan for achieving the $100 billion target that focuses on adaptation financing, scaling up climate finance grants, and streamlining access to financing. The country likewise stated that financial mechanisms should be based on the best available science and technologies.

Ambassador Tago relayed that the collective ambition of scaling-up climate action should be anchored on a transparent, accessible, predictable, and efficient mobilization of climate finance.

At the end of delivering the Philippine intervention, Ambassador Tago highlighted the need for swift and effective initiatives. He stated, “Let us all work to break down the barriers to ambitious climate finance. Let us all endeavor for a climate finance that offers more sustainable results.”

The 2022 United Nations Climate Change Conference, also known as the 27th Conference of the Parties (COP27), is co-hosted by the United Nations Framework Convention on Climate Change Secretariat and the Government of Egypt. This conference is the largest annual gathering focused on climate change.##