A House panel approved on Wednesday a resolution creating a multisectoral group that will enhance the country’s financial protection against climate and disaster risks, especially for the most vulnerable sectors. READ:
February 22, 2023 | 8:10 pmgroup that will enhance the countrys financial protection against climate and disaster risks, especially for the most vulnerable sectors.
Bohol Rep. Edgar M. Chatto, author of House Resolution No. 213, told the climate change committee that the Philippines must boost its climate and disaster risk financing and insurance mechanisms to provide social protection to communities that suffer the most from the impact of extreme weather patterns.
The group will include representatives from the private sector, insurance providers, national and local governments, cooperatives, and civil society organizations, among others. Angelo Kairos Dela Cruz, deputy executive director of the Institute for Climate and Sustainable Cities, said that a multi-actor partnership would prepare the Philippines for loss and damage funding negotiations as well as engagement with international financing mechanisms such as the Global Shield against Climate Risks financing facility.
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