London: Finance Secretary Ralph Recto has secured the support of The Right Honourable Lord Mayor of London Alderman Michael Mainelli in advancing the Philippines’ ambitions in artificial intelligence (AI) and climate finance.
According to Philippines News Agency, in a high-level meeting on Oct. 29, 2024, at the Mansion House in London, Lord Mayor Alderman Mainelli invited the Philippines to join the UK’s Ethical AI Initiative. This initiative is an AI management program embraced by around 60 countries, promoting the ethical development and application of AI. It aims to help the Philippines foster a human-centered technology culture prioritizing rights, privacy, and dignity.
Additionally, the Lord Mayor pledged his support for the Philippines’ climate finance goals by offering assistance in establishing sustainability-linked policy performance bonds. These bonds serve as an innovative alternative to traditional ESG financing, providing a new avenue for the Philippines to meet its climate objectives. The Lord
Mayor also introduced the potential of hydrogen investments, such as hydrogen-fueled vehicles, to accelerate the Philippines’ decarbonization efforts.
Discussions further explored collaboration in strategic sectors, including mining, defense and security, and renewable energy. In parallel, the Lord Mayor sought the Philippines’ support for the UK’s Space Protection Initiative, a project aimed at promoting the safe and sustainable use of outer space amidst the increasing global reliance on space systems.
The Lord Mayor of London, as the head of the City of London Corporation, serves as the international ambassador for the UK’s financial and professional services sector. Joining Secretary Recto during the meeting were Chief of Staff and Undersecretary Maria Luwalhati Dorotan Tiuseco, Undersecretary Domini Velasquez, and National Treasurer Sharon Almanza. The meeting was held on the sidelines of the Philippine Economic Briefing in London from Oct. 29 to 31, 2024.