MACTAN: Multilateral development banks (MDB) and developed countries should provide more support to the Philippines and other Pacific Island countries’ climate change adaptation efforts, the former governor of the Bank of Japan said on Tuesday. “The Philippines, as well as Pacific Island countries, have been affected seriously by global warming, sea level rise, frequent typhoons, devastating the countries and so forth,” Bank of Japan former governor and senior fellow of the National Graduate Institute for Policy Studies Haruhiko Kuroda said during the first day of the 2024 Bangko Sentral ng Pilipinas-International Monetary Fund (BSP-IMF) Systemic Risk Dialogue here.
According to Philippines News Agency, Kuroda emphasized the critical need for adaptation in countries severely impacted by climate change, stating that support should come not only from multilateral development banks but also through bilateral aid from developed nations. He highlighted that the Philippines and Pacific Island countries require foc
used efforts to adapt to the ongoing challenges posed by global warming and rising sea levels.
Recent data from the National Disaster Risk Reduction and Management Council indicate the severity of the situation, with 495,788 families affected by powerful tropical cyclones in the Philippines this month alone. The agricultural sector has suffered significant losses, with damage exceeding PHP10 billion.
Kuroda reiterated the Philippines’ vulnerability to climate change, pointing out that as one of the largest countries in Southeast Asia, it is among the most affected by climate-related disasters. He stressed the importance of international support, particularly from MDBs, to bolster adaptation strategies in the region. The Filipino government has actively advocated for this support on the global stage.
While much of the international discourse has centered on climate change mitigation, Kuroda argued that adaptation efforts must also be prioritized and supported by the global community to ensure the resilience
of affected nations.
