Finance chief urges policymakers to treat climate crisis with same urgency as COVID-19


Posted at Oct 23 2020 04:53 PM

Finance Secretary Carlos Dominguez III joins the meeting with the the Inter-Agency Task Force on the Emerging Infectious Diseases (IATF-EID) core members presided by President Rodrigo Roa Duterte at the Malago Clubhouse in Malacañang on July 30, 2020. Robinson Niñal Jr., Presidential Photo

MANILA - The Department of Finance said Friday fiscal policymakers worldwide should also act on the climate emergency with the same "urgency" as the COVID-19 pandemic.

Major threats to human survival such as "erratic global climate patterns" that have resulted to increased incidence of natural disasters should not be ignored, Finance Secretary Carlos Dominguez III said in a statement.

“Unlike COVID-19, for which a vaccine will likely be produced soon, there is no quick solution for the climate crisis. We need to act now with the same sense of urgency that we have for the ongoing pandemic,” Secretary Dominguez said during the virtual 4th Ministerial Meeting of the Coalition of Finance Ministers for Climate Action held on Oct. 12, 2020.

Members should work in recalibrating and strengthening its approach to financial cooperation by targeting policies that enhances fiscal position to withstand future shocks while shaping resilience and inclusiveness, he said.

Dominguez reiterated the call during another webinar organized by the European Union held this Oct. 22.
“There is no Planet B. We either save the earth or perish with it,” he said.

Dominguez also affirmed the solidarity with the EU in limiting human activities the worsen the climate emergency.

The Philippines can learn more from the EU's technological innovations in water management and conservation, sustainable energy and modern agriculture, Dominguez said.