The Department of Finance (DOF) is pushing for an initial annual financing of $1.3 trillion from developed countries to address adaptation, mitigation and loss and damage issues, particularly in developing nations.
The Philippines, through the DOF, is leading urgent 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.
“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. 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 Undersecretary Dorotan Tiuseco during the High-Level Ministerial Dialogue on Climate Finance.
“And 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 said.
The DOF delegation, composed of finance negotiators from the Climate Finance Policy and International Finance Groups, also advocates dismantling barriers to climate finance, including prohibitive capital costs, currency risks, and debt burdens, which currently raise 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.
Key priorities include direct access to financial mechanisms, support for country-led strategies, and expanded capacity-building initiatives.
The Philippines also demands for climate justice, emphasizing that nations least responsible for climate change are bearing its heaviest costs and that those most accountable must address this inequity.
COP 29 is taking place from Nov. 11 to 22, 2024, with a central focus on mobilizing finance.
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.
