The Philippine government has called for the inclusion of the needs and priorities of developing countries in the definition of climate finance as a floor amounting to $100 billion has been committed by developed countries to be mobilized for climate action every year.
The government also stated that financial mechanisms should be based on the best available science and technologies.This came as Tago called for the adoption of a transformational and operational definition of “climate finance” to include the principles or characteristics of the New Collective Quantified Goal at the fifth High-Level Ministerial Dialogue on Climate Finance of the 2022 during the United Nations Climate Change Conference in Sharm el Sheikh, Egypt on November 14.
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