THE PHILIPPINES has joined the Board of Vulnerable 20 Group of Finance Ministers (V20), organized under the Group of Seven (G7) Global Shield Against Climate Risks program, the Department of Finance (DoF) said.
“We will use this seat to further the interests of the Philippines. This initiative will widen access to much-needed financial protection to make climate-vulnerable countries like the Philippines more resilient,” Finance Secretary Benjamin E. Diokno said.
The 12-member board is composed of the Philippines, Barbados, Fiji, Samoa, Uganda, Denmark, the European Union, France, Ireland, and the UK, with Ghana and Germany serving as co-chairs.
Global Shield Against Climate Risks aims to ramp up climate and disaster protection to vulnerable countries through “pre-arranged and trigger-based finance” as well as address damage caused by the climate crisis.
“In the Philippines, climate change is a daily reality — one that includes more frequent and intense typhoons, flooding, and sea-level rise with devastating effects on our economy and communities,” Finance Undersecretary Maria Luwalhati C. Dorotan Tiuseco said.
“On the current trajectory of global warming, we know for a fact that losses will continue to grow, while global economic shocks diminish vulnerable countries’ ability to respond,” she added.
The DoF said that its existing pipeline of partnerships with development partners on climate finance instruments can serve as “entry points or models for the type of assistance that may be secured under the Global Shield Initiative.”
“The focused and dedicated tools under the Global Shield Initiative, as a grant facility, will directly contribute to the overall climate and disaster risk management agenda and disaster risk financing and insurance strategy of the Philippines,” the DoF added. — Luisa Maria Jacinta C. Jocson