Philippines negotiates for scaled-up climate finance at COP29

MANILA, Nov. 18 (Xinhua) — The Philippines has been “aggressively” pushing for scaled-up climate finance flows to vulnerable nations in light of the successive typhoons that hit the country in the past months, the Philippines’ Department of Finance (DOF) said Monday.
At the 29th Conference of the Parties to the United Nations Framework Convention on Climate Change (COP29) in Baku, Azerbaijan, Philippine Finance Undersecretary Maria Luwalhati Dorotan Tiuseco led the Philippine delegation in negotiations for the new collective quantified goal, a post-2025 global finance commitment designed to meet the evolving climate adaptation, mitigation, and resilience needs.
“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.
“That is why here at COP29, the Philippines is aggressively pushing for bold actions and sustained, increased financing once and for all for countries that are perpetually on the frontlines of catastrophic typhoons,” said Tiuseco.
In the wake of super typhoon Man-yi, the sixth typhoon to strike the Philippines in less than a month, the DOF said it has been pushing for an initial climate finance target of 1.3 trillion U.S. dollars annually from developed countries for adaptation, mitigation, and loss and damage aligned with the urgent needs of developing nations.
COP29 is taking place from Nov. 11 to Nov. 22. This year’s conference emphasizes the need for trillions of dollars to help countries achieve significant reductions in greenhouse gas emissions and safeguard lives and livelihoods from the escalating impacts of climate change. ■