OPINION | Private sector key to climate action in the PHL By Kim-See Lim and Jean-Marc Arbogast READ:
The private sector will be key, reveals the new Philippines Country Climate and Development Report , produced jointly by the World Bank and the International Finance Corp. . The report helps identify opportunities for climate action in the country, supporting low-carbon development, while recommending priority and impactful actions to protect its people, businesses, and the economy.
In response, the CCDR underlines that smart policies can remove obstacles, enabling the private sector to take climate action, which requires large-scale investments. Public resources alone cannot meet those funding needs, especially with constrained fiscal space due to the coronavirus disease 2019 pandemic. The private sector will therefore have to play a bigger role in meeting the growing demand for climate action.
So, shifting toward renewable energy will be key for the Philippines. Accelerated decarbonization would reduce electricity costs by about 20% below current levels, which is good for the country’s competitiveness and would also dramatically reduce air pollution. While EDGE is critical to mitigate climate change, resilience of buildings should be the underlying factor for climate change adaptation. That is why developers are using the Building Resilience Index — launched in 2021 — to assess applicable hazards based on location, exploring ways to improve resilience of buildings, and disclosing the resilience level to improve transparency. More than 10 real estate developers in the Philippines are now using this tool across 1.8 million sq.m.
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