With the recent climate-related disasters occurring, Southeast Asian nations such as the Philippines are faced with the urgent need to address the cost of implementing measures against global warming in the midst of the global financial crisis.

With this in mind, the British Embassy in collaboration with the Department of Natural Resources and the Asian Development Bank engaged participants from around 25 government-owned and controlled corporation (GOCCs) to discuss the opportunities presented by initiating the transition towards a low-carbon economy.

This is the first time that GOCCs have been engaged in a discussion on implementing measures for adapting to and mitigating the effects of climate change. GOCCs are corporate arms of the various national government agencies, as such they enjoy a certain degree of autonomy.

The government has recently announced that it will release P21-billion in subsidies to government-owned or controlled corporations (GOCCs) next year, about double the P11.25 billion programmed for 2009. If climate change measures are not factored into their operations, there is a possibility of financial loss. This could mean additional subsidies, which may derail government attempts to reduce subsidies to help GOCCs restore financial stability.

Participants commented that one of the most important insights from the forum is the importance of mitigation efforts to complement adaptation measures.  For example, while long-term urban planning has been underlined in order to effectively cope with climate-related disasters, there is still an immediate need to reduce carbon emissions in order to stop global warming from reaching devastating levels.

"It makes economic sense to tackle climate change now, and not wait until later, when action will be more expensive," said British Ambassador Stephen Lillie during his opening remarks.

"Recent experiences here in the Philippines have served as sharp reminders of just how devastating nature can be.  As Sir John Holmes, the UN Emergency Relief Co-ordinator, said during his visit to the Philippines, "Climate Change is not a future threat, it is a current problem," Lillie added.

Dr. Juzhong Zhuang of the Asian Development Bank presented highlights of the ADB report on the "Economics of Climate Change in Southeast Asia." The report explains how countries that invest now in climate change adaptation and mitigation, especially on the forestry, agriculture, transport and energy sectors, will better protect their people, economy, and environment.

Notes for Editors

For further information, please contact:
Atty. Angela Ibay [Climate Change Attaché] 858 2228
Lynn Ayers-Plata [Press, Visits and Events Officer] 858 2203

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