Climate-vulnerable nations press on Western commitments

 

“We need the Western countries to take responsibility for having contributed and continue to contribute the most to greenhouse gas emissions. They must be given the greater burden of paying for the grants, investments, and subsidies needed for the most climate-vulnerable countries to mitigate the effects of global warming,” said Finance Secretary Carlos Dominguez III during the Asian Infrastructure Investment Bank’s virtual 2021 Annual Meeting (AIIB).
Western economies, which account for the majority of greenhouse gas emissions, are under pressure to reduce their carbon footprints as soon as possible and to follow through on their commitments to extend the efforts needed by climate-vulnerable nations to transition to clean energy.

 

MANILA— Concrete efforts are urgently needed to implement decades-old ideas on how to prevent climate change, said the Finance Secretary at the start of the Asian Infrastructure Investment Bank’s virtual 2021 Annual Meeting (AIIB).

He praised the AIIB for focusing on the climate crisis during this year’s conference, stating that “this should help signal that the period for merely talking about climate change should now move towards implementation of actual projects on the ground.”

Mr Dominguez extended thanks to the AIIB, led by AIIB president Jin Liqun, for providing climate-vulnerable economies in Asia with the opportunity to engage with the Bank in obtaining funding to assist decrease carbon emissions and move forward with climate-resilient projects.

Despite the fact that the Philippines is not now a financial superpower, Secretary Dominguez remarked that “we are committed to punch above our weight class in terms of growth.”

“Clearly the Philippines is moving with urgency, but we have seen very little funding and actions promised by Western countries materialize. All that has been done is talk without concrete actions,” Mr Dominguez said at the virtual AIIB flagship seminar on the Paris Agreement.

According to the Finance secretary, these countries have “avoided the pain by buying their way out of their global obligations,” which include offering developing nations insufficient funds to undertake carbon reductions they themselves are unwilling to do. The practice led to “very little has been achieved in mitigating climate change.” (RA/Headline PH)

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