QUEZON CITY, (PIA) — The Philippines is spearheading urgent discussions for increased climate finance during the 29th Conference of the Parties to the United Nations Framework Convention on Climate Change (COP 29) in Baku, Azerbaijan.
The initiative comes in response to a series of devastating typhoons that have struck the nation in recent months.
Leading the Department of Finance (DOF) delegation, Chief of Staff and Undersecretary Maria Luwalhati Dorotan Tiuseco represents Finance Secretary Ralph G. Recto in negotiations for the New Collective Quantified Goal (NCQG).
This post-2025 global finance commitment aims to address the climate adaptation, mitigation, and resilience needs of developing countries.
“We have been given an unmissable opportunity to shore up the global climate finance war chest, which for many vulnerable countries is a matter of life and death,” Tiuseco said during the High-Level Ministerial Dialogue on Climate Finance.
“The Philippines is aggressively pushing for bold actions and sustained, increased financing for countries that are perpetually on the frontlines of catastrophic typhoons.”
In light of Typhoon Pepito—marking the sixth typhoon to hit the Philippines in less than a month—the DOF has proposed an initial climate finance target of $1.3 trillion annually from developed nations.
This funding is intended to support adaptation, mitigation, and address loss and damage in alignment with the urgent needs of developing countries.
The Philippine delegation, comprising finance negotiators from the Climate Finance Policy and International Finance Groups, is also advocating for the removal of barriers to climate finance.
These include prohibitive capital costs, currency risks, and debt burdens, which currently inflate investment risks for vulnerable nations.
To enhance access to climate finance, the Philippines is calling for streamlined, transparent, and equitable financing processes.
Key priorities include direct access to financial mechanisms, support for country-led strategies, and expanded capacity-building initiatives.
The Philippines is also championing the cause of climate justice, highlighting that nations least responsible for climate change are disproportionately bearing its costs.
“Those most accountable must address this inequity,” Tiuseco asserted.
COP 29, taking place from November 11 to 22, 2024, centers on mobilizing finance to help countries achieve significant reductions in greenhouse gas emissions and protect lives and livelihoods from the increasing impacts of climate change.
This year’s conference underscores the urgent need for trillions of dollars to support vulnerable nations in their climate resilience efforts. (JCO/PIA-NCR)
