Baku: The Philippines, through the Department of Finance (DOF), is spearheading efforts to secure increased climate finance for vulnerable nations at the 29th Conference of the Parties to the United Nations Framework Convention on Climate Change (COP 29) in Baku, Azerbaijan.

According to Philippines News Agency, the DOF has proposed an initial target of USD1.3 trillion annually from developed countries to support adaptation, mitigation, and address loss and damage in developing nations. This initiative is part of ongoing negotiations for the New Collective Quantified Goal (NCQG), a post-2025 global finance commitment to meet the evolving climate needs of these countries.

Chief of Staff and Undersecretary Maria Luwalhati Dorotan Tiuseco, representing Finance Secretary Ralph Recto, leads the DOF delegation in these critical discussions. During the High-Level Ministerial Dialogue on Climate Finance, Tiuseco emphasized the urgency of bolstering the global climate finance reserves, highlighting that for many vul
nerable countries, this is a matter of survival.

Tiuseco stated that the DOF is committed to utilizing all available resources and tools within the fiscal and financial sectors to enhance disaster resilience, mitigate economic impacts, and ensure financial protection for Filipinos facing climate-induced disasters. The Philippine delegation is also advocating for the removal of barriers such as prohibitive capital costs, currency risks, and debt burdens that impede climate finance access for vulnerable countries.

To facilitate improved access to climate finance, the Philippines is calling for more streamlined, transparent, and equitable processes. Priorities include ensuring direct access to financial mechanisms, supporting country-led strategies, and expanding capacity-building initiatives.

The Philippines is also raising the issue of climate justice, underscoring that countries least responsible for climate change are suffering its most severe consequences, and urging those most accountable to rectify thi
s imbalance.

COP 29, scheduled from November 11 to 22, 2024, is focused on mobilizing finance to aid countries in achieving significant reductions in greenhouse gas emissions and protecting lives and livelihoods from the increasing impacts of climate change.