MANILA, 11 April 2024 — The Climate Change Commission (CCC) urged for enhanced collaboration and partnership between the government and the private sector to unlock investment potential and accelerate collective progress on climate action.

Addressing the private sector attendees of the CarbonPH Education Series, CCC Vice Chairperson and Executive Director Robert E.A. Borje underscored the country's vulnerability to climate change and its impacts to the economy, highlighting the urgent need for transformative climate actions.

“Addressing climate change requires a holistic approach that considers its interconnectedness with broader economic development goals and sustainability objectives,” VCED Borje said.

Borje called for strengthened partnerships and collective efforts with the private sector to take proactive leadership in climate action, leveraging innovative financing mechanisms and policy incentives to drive transformation.

He emphasized investments in critical areas including nature-based solutions, renewable energy, sustainable mobility, among others.

According to a 2019 Global Commission on Adaptation report, investing USD 1.8 trillion (or PHP 39.3 trillion) in just five areas - early warning systems, climate-resilient infrastructure, improved dryland agriculture crop production, global mangrove protection, and water security - could result in USD 7.1 trillion (or PHP 311.1 trillion) in total net benefits.

“The cost of adaptation is much smaller than the cost of recovery. And so we pivot from our business-as-usual strategies to ‘science and evidence-based,’ ‘investment-led’ and ‘transformative.’ With this strategy, we can better achieve our desired level of resilience, for our communities, our nation, and the planet,” Borje said.

The CCC invites the private sector to continue fostering a dynamic and collaborative partnership with the government in crafting policies and mechanisms that will unlock climate investments.

He also urged the private sector to be more actively involved in processes, including the formulation of the National Adaptation Plan (NAP) and Nationally Determined Contribution Implementation Plan (NDCIP).

“We have already laid down the path. Let us ensure that everyone progresses together, in unison, moving forward with the same scale, speed, and momentum.  This is to ensure that the country’s economic prosperity and sustainability are not just mutually exclusive, but rather, dual engines propelling us toward a thriving and resilient future,” Borje affirmed.

The CarbonPH Initiative/Coalition, comprising 17 private sector corporations, presents private sector convergence to support the country’s transitional aspirations for a low carbon economy through investments in nature-based solutions, capacity building, and inputs for policy development.

The CarbonPH Education Series, led by Aboitiz Equity Ventures and SM Investments Corporation, brings together diverse stakeholders to generate momentum for collective action towards a more sustainable and resilient future for the Philippines.

For more information on the CCC’s climate mainstreaming activities, visit www.climate.gov.ph and www.facebook.com/CCCPhl.