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Digital Payments Hold the Key to Climate Resilience

Digital-payment systems could provide the scalability, accountability, and rapid-response capabilities needed to tackle the climate crisis. The United Nations Climate Change Conference in Dubai is an opportunity for the international community to extend these essential services to the regions most affected by climate change.

MANILA – Over the past 60 years, temperatures in Asia and the Pacific have increased faster than the global average. The region is home to six of the ten countries most affected by climate-related disasters, with rising temperatures disrupting food systems, damaging economies, and destabilizing societies. My country, the Philippines, is a prime example.

The increasing frequency and severity of extreme weather events in the region underscore the urgent need to bolster our collective resilience. This fundamental task requires governments to allocate sufficient funding from their national budgets while mobilizing private-sector contributions and development financing.

Forging multi-stakeholder partnerships and securing commitments for future action are at the top of the agenda at the United Nations Climate Change Conference (COP28) in Dubai. The Philippine government, together with other emerging-market governments, have taken a leading role in the efforts to bolster climate finance by urging the international community to embrace the transformative potential of responsible digital payments. This initiative aims to strengthen our collective ability to adapt to climate-induced shocks.