Philippines Pushes Climate Finance Reform at COP29

BAKU, Azerbaijan—Amid a devastating string of typhoons, the Philippines is leading calls for scaled-up global climate finance at the 29th Conference of the Parties to the United Nations Framework Convention on Climate Change (COP29).

The Department of Finance (DOF), spearheaded by Chief of Staff and Undersecretary Maria Luwalhati Dorotan Tiuseco, is pushing for bolder commitments under the New Collective Quantified Goal (NCQG). The NCQG sets a post-2025 global finance framework to address the increasing adaptation, mitigation, and resilience needs of developing nations.

“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,” said Dorotan Tiuseco during the High-Level Ministerial Dialogue on Climate Finance.

She stressed the urgency of increasing financial flows, highlighting the Philippines’ vulnerability as it reels from six typhoons in less than a month. Typhoon Pepito, the latest to strike, left a trail of destruction that underlines the urgent need for financial protections.

The Philippines is advocating for an initial USD 1.3 trillion (PHP 73.8 trillion) annual commitment from developed nations to fund adaptation, mitigation, and loss and damage measures.

“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,” added Dorotan Tiuseco.

Key Philippine demands include dismantling barriers to accessing climate finance, such as high capital costs, currency risks, and mounting debt burdens. The DOF called for streamlined, transparent, and equitable financing processes to simplify policy implementation, tracking, and verification.

The delegation emphasized climate justice, urging developed nations to bear responsibility for the disproportionate impacts faced by vulnerable countries.

“The nations least responsible for climate change are suffering the most, and those most accountable must address this inequity,” the DOF reiterated in its official position.

The Philippines’ delegation also prioritized direct access to financial mechanisms, support for country-led strategies, and capacity-building programs.

COP29, which runs from November 11 to 22, 2024, focuses on mobilizing trillions of dollars in climate finance to reduce global greenhouse gas emissions and protect lives and livelihoods against escalating climate impacts.

Dorotan Tiuseco’s participation underscores the Philippines’ leadership among vulnerable nations, positioning the country as a critical voice in shaping global climate finance reforms.