The Department of Finance (DOF) continues to push for an initial climate finance target of $1.3 trillion annually from developed countries for adaptation, mitigation and loss and damage that are aligned with the urgent needs of developing nations.
In a statement on Monday, the DOF said the Philippines 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.
Undersecretary Maria Luwalhati Dorotan Tiuseco led the DOF delegation in negotiations for the New Collective Quantified Goal (NCQG), a post-2025 global finance commitment designed to meet the evolving climate adaptation, mitigation and resilience needs of developing countries.
“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,” Tiuseco said during the High-Level Ministerial Dialogue on Climate Finance on November 14.
“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 added.
The DOF also advocates for 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 November 11 to 22 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.
