London to support Philippines AI, climate finance goals

MANILA, Philippines — Manila has secured support from London in boosting the country’s artificial intelligence (AI) and climate financing.

On the sidelines of the Philippine Economic Briefing in London, Finance Secretary Ralph Recto met with Lord Mayor of London Alderman Michael Mainelli to discuss the Philippines’ goals in AI and climate finance. 

As such, Mainelli invited the Philippines to join the UK’s Ethical AI Initiative, an AI management program taken by around 60 countries.

The initiative promotes the ethical development and application of AI that will help the Philippines create a culture of human-centered technology that prioritizes rights, privacy and dignity. 

Similarly, Recto said Mainelli committed his support for the country’s climate finance goals by offering assistance in establishing sustainability-linked policy performance bonds as an alternative to traditional environmental, social and governance (ESG) financing. 

Mainelli also floated the potential of hydrogen investments, such as hydrogen-fueled vehicles, to accelerate the country’s decarbonization efforts.

Discussions also explored further collaboration in strategic sectors, including mining, defense and security and renewable energy.

On the other hand, Mainelli sought the Philippines’ support for the UK’s Space Protection Initiative. 

This is a project that aims to promote the safe and sustainable use of outer space in light of the world’s growing dependence on space systems.

The?Lord Mayor?of London is the head of the City of London Corp. and serves as the international ambassador for the UK’s financial and professional services sector.