International group Oxfam calls on the global community to rally quality climate finance support for countries like the Philippines that are extremely vulnerable and yet ill-prepared to deal with disasters brought about by climate change. /PDI
Felizco said the Philippines and other climate-vulnerable countries in Asia continued to grapple with the problem of having to face the effects of a climate emergency that “more developed countries have caused and benefited from,” he said. “This is why we are calling for better and sufficient climate finance that would allow countries like the Philippines to adequately face the effects of climate change,” he said.
There is much to be done so countries like the Philippines can catch up with others that are fortunately not as highly vulnerable and at the same time better prepared,” said Felizco. “Climate finance and support from players who contribute the most to climate change are important in correcting injustice and saving the lives of millions of people, especially those in the poorest communities and in marginalized groups,” he said.
Asian countries need $1.3 trillion a year from now to 2030 to meet their estimated climate needs and that the amount they received each year was hardly enough.Only a third of Asia’s climate finance went to help countries adapt and cope with climate-induced harm and only two-thirds of it went on mitigation initiatives.
“Asia is being devastated by climate-driven disaster after disaster, taking lives and costing billions. Pakistan underwater. China and India, baked by 50-degree heat waves, Bangladeshis leaving farmland made unusable by saltwater, the Philippines hit by worsening typhoons,” said Sunil Acharya, Oxfam’s Asia Regional Policy and Campaigns Coordinator.
The Philippines is 5th among Asian countries surveyed in the Oxfam report that received the highest amount of climate finance. However, the report said that the $7.8 billion received from 2013 to 2020 was mostly from debt instruments. Of the annual average of $972 million worth of climate finance received by the Philippines, more than half or $528 million were from concessional debt instruments while $364 million were from non-concessional debt instruments.
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