Philippines pushes $1.3 trillion climate financing from rich nations

MANILA, Philippines — The Department of Finance (DOF) is advocating for a yearly climate financing package of $1.3 trillion annually from developed countries to address mounting challenges posed by climate change.

The target is aimed at financing climate adaptation, mitigation as well as loss and damage initiatives that are aligned with the urgent needs of developing nations like the Philippines.

In a statement yesterday, the DOF said it joined the negotiations for scaled-up climate finance flows to vulnerable nations during the 29th Conference of the Parties to the United Nations Framework Convention on Climate Change (COP 29) in Baku, Azerbaijan.

DOF Undersecretary Maria Luwalhati Dorotan-Tiuseco headed the delegation in talks for the New Collective Quantified Goal.

The NCQG is a global financial commitment set to take effect post-2025 to meet the evolving climate adaptation, mitigation and resilience needs of developing countries.

“The Philippines is aggressively pushing for bold actions and sustained, increased financing for countries that are perpetually on the frontlines of catastrophic typhoons,” Dorotan-Tiuseco said during the high-level ministerial dialogue on climate finance.

“On the part of the DOF, we remain resolute in mobilizing all available resources and deploying tools across our fiscal and financial sectors to bolster disaster resilience, minimize economic impacts and secure financial protections for Filipinos affected by these climate-induced disasters,” she added.

The DOF delegation, comprising finance negotiators from the Climate Finance Policy and International Finance Groups, is pushing to remove obstacles that hinder access to climate finance.

These include prohibitive capital costs, currency risks and mounting debt burdens that exacerbate investment risks for vulnerable countries.

“To improve access, the Philippines is calling for streamlined, transparent and equitable financing processes that simplify policy implementation, tracking and verification,” the DOF said.

“Key priorities include direct access to financial mechanisms, support for country-led strategies, and expanded capacity-building initiatives,” it said.

The Philippines is also demanding for climate justice, highlighting that the countries least responsible for climate change are bearing its heaviest costs and those most accountable must address this inequity.

The COP29 is taking place from Nov. 11 to 22, focusing on mobilizing climate finance.

This year’s conference underscores the urgent need for trillions of dollars to facilitate significant greenhouse gas reductions and protect communities and livelihoods from the worsening impacts of climate change.