The UN Climate Summit (COP29) enters its second week, with climate finance progress taking center stage. (Photo: IRENA)
As the 29th United Nations Climate Change Conference (COP29) enters its second week, coinciding with the G20 summit, attention is focused on whether this alignment can foster consensus on climate finance and accelerate efforts by ASEAN countries and other developing nations to combat climate change. RECCESSARY continues to track climate actions in Southeast Asia, bringing you the latest updates from COP29.
Philippines pushes for increased climate finance to $1.3 Trillion
On Nov. 18, the Philippine Department of Finance issued a press release stating that Chief of Staff Maria Luwalhati Dorotan Tiuseco, representing Finance Secretary, is leading urgent negotiations on the New Collective Quantified Goal (NCQG) to expand the climate finance scale for vulnerable countries.
In the High-Level Ministerial Dialogue on Climate Finance, Tiuseco stated, " 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 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."
The press release mentioned that within one month, the Philippines was hit by six typhoons, which has prompted the government to push for an initial climate finance target of $1.3 trillion annually to meet the urgent needs of developing countries in adaptation, mitigation, and loss and damage.
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Philippines calls for increased climate finance target during COP29. (Image: MOF Philippines)
