Dominguez eyes investments in ‘clean energy’

Finance Secretary Carlos Dominguez III has expressed hopes for financing from multilateral institutions to encourage private sector capital in clean energy transition projects in the Philippines.

 

MANILA, Philippines — At a high-level ministerial dialogue at the 26th United Nations Climate Change Conference in Glasgow last week, Dominguez said the vetting done by multilateral agencies boost investor confidence to participate in resource-intensive clean energy transition programs done by developing countries.

“It is very important that these multilateral agencies actually begin the projects that will allow the private sector to take part in, I believe, and give them confidence that these projects have been studied very well, have been vetted by the multilateral agencies,” the Finance chief said.

The dialogue tackled the progress made by countries to come up with a financial system to support climate resilience.

Representatives from the United Kingdom, Uruguay, the NatWest group (a majority state-owned British banking and insurance holding company, based in Edinburgh, Scotland), and the Organisation for Economic Cooperation and Development also joined the meeting.

The Philippines’ finance chief told the panel that the multilateral banks could set transparency standards.

Dominguez had suggested that climate financing be done through a three-point “blended approach” in the form of grants, investment, and subsidies to improve the vulnerable communities’ ability to adapt to climate risks.

He also pressed for more climate financing from wealthy economies that have not offered enough to help developing nations reduce their carbon footprint. (JD/Headline PH)

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