Finance Secretary Carlos G. Dominguez III urged the world’s major multilateral development banks (MDBs) to cooperate in mobilizing financing for climate adaptation and mitigation initiatives of emerging economies like the Philippines.
FINANCE Secretary Carlos G. Dominguez III urged the world’s major multilateral development banks to cooperate in mobilizing financing for climate adaptation and mitigation initiatives of emerging economies like the Philippines.
Finance Undersecretary Mark Dennis Joven, who heads the department’s International Finance Group, also pointed out in a meeting with WBG Regional Vice President for East Asia and the Pacific Manuela Ferro that main institutions for climate finance such as the UN Framework Convention on Climate Change ’s Green Climate Fund and the Adaptation Fund are not working together with the MDBs.
On behalf of the Philippine government, Dominguez personally thanked Ferro and other key officials of the institution for the WBG’s support of the Duterte administration’s reform agenda and pandemic response efforts. Trotsenburg added that global solidarity is the key to addressing the widening inequalities between rich and low-income countries that were further triggered by the pandemic.
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