The Philippines incurred around P506.1 billion in losses and damages over a 10-year period from climate-related hazards, despite contributing only 0.3 percent of the planet’s total greenhouse gas (GHG) emissions, according to the Department of Finance (DOF).
The DOF said in a statement yesterday the staggering amount from 2010 to 2020 is equivalent to an annual average of P48.9 billion, which is about 0.33 percent of the annual average gross domestic product of the Philippines.
Being a climate-vulnerable country, the Philippines has much at stake in reversing the devastating effects of global warming, said Finance Secretary Carlos Domingue who
heads the Philippine delegation to the 26th United Nations Climate Change Conference of the Parties (COP26).
The Philippines will present its newly launched Sustainable Finance Roadmap before policymakers at the COP26 in Glasgow as a model for other emerging economies to incorporate climate and environmental factors in mobilizing funds to build a sustainable and resilient economy.
Dominguez said the roadmap, along with its guiding principles, will serve as the Philippines’ masterplan in formulating green and sustainable policies to raise the capital and investments needed in reducing the country’s GHG emissions while still increasing its economic output.
As its Nationally Determined Contribution to the Paris Agreement, the Philippines has committed to a projected GHG emission reduction and avoidance of 75 percent from 2020 to 2030 for agriculture, wastes, industry, transport and energy sectors.
According to the DOF, the latest Fiscal Risk Statement (FRS) released this year by the Bureau of the Treasury “cites the country’s exposure to natural disasters as a major source of downside risks for the National Government’s fiscal position.”
The FRS is drawn up annually to identify the fiscal risks to which the Philippines is exposed to, and at the same time, outlines the key programs and measures put up by the government to manage these risks.
In 2020 alone, based on the preliminary 2022 FRS, P74.75 billion-worth of damages have been recorded resulting from disasters, including three consecutive typhoons that have collectively caused the largest damages amounting to P69.02 billion. Economic losses were estimated at P35.74 billion. – Angela Celis
