PH among 12 countries whose stimulus spending is geared for climate risk interventions

The Philippines is among 12 countries that cited stimulus spending as primarily geared for climate risk management interventions, according to the latest UNCTAD report.

Based on the UNCTAD Trade and Development Report, the 12 countries that specifically cited climate risk management interventions as a primary objective of stimulus spending were Bangladesh, Barbados, Colombia, Fiji, Kenya, Kiribati, Nepal, Niger, the Philippines, South Korea, St. Lucia, and Vanuatu.

Apart from South Korea, the UNCTAD report released Thursday, Oct. 28, 2021, all the 12 countries belong to the V20 and all face binding financial constraints on mobilizing resources. V20 refers to a group of climate-vulnerable countries.

“The benefits of investing in adaptation are however clearly advantageous to both developed and developing economies, but definitely more urgent for developing countries whose climate risks are rising and becoming more complex over time,” said UNCTAD.

The UNCTAD report also noted that the current funding is less than a quarter of what is needed to reach the 2030 target of $300 billion annually for climate risk interventions. The report further warned that relying on private finance will not be sufficient for the neediest countries.

Developing countries are already suffering economic losses three times greater than developed ones due to climate-related disasters.