The Philippines has signed the Preah Sihanouk Ministerial Declaration in support of regional cooperation on coastal resilience to climate change programs and of PEMSEA 2030 which will address marine plastic pollution and foster the Blue Economy.

Department of Environment and Natural Resources (DENR) Secretary Roy A. Cimatu signed the ministerial declaration during the Seventh Ministerial Forum of the East Asian Seas (EAS) Congress 2021.

“Being the most vulnerable region in the world to climate change, we need to enhance strategic partnerships under the existing mechanism which PEMSEA provides,” Cimatu said in a statement. PEMSEA stands for the Partnerships in Environmental Management for the Seas of East Asia (PEMSEA).

The Philippines also reiterates its commitment to the Sustainable Development Strategy for the Seas of East Asia (SDS-SEA) 2022 to 2027.

Cimatu said the need for regional cooperation in coastal management has intensified even in light of the Covid 19 pandemic along with the challenges of climate change.

He said the Covid 19 pandemic and climate risks have been adversely affecting the Philippine economy. These have huge negative impact on national revenue, people’s livelihood, and the budget for environmental protection.

The Philippines lost in 2020 $8 billion in tourism revenue including loss due to closure of beach resorts and Marine Protected Areas. It may continue to lose 6 percent of its gross domestic product (GDP) due to climate-associated risks.

“These have exacerbated the funding gap on marine environmental protection,” Cimatu said at the East Asia Seas (EAS) Congress 2021.

PEMSEA 2030 is a decade program of collaboration in South East Asia for reducing marine plastic pollution, enhancing management of Marine Protected Area Network (MPAN), and adopting the SDS-SEA.

Cimatu asserted before the 26th Conference of Parties (COP) that financing climate change mitigation and adaptation projects need three types of funding support.

These are grants, investments by private businesses in climate-ready technologies, and subsidies for renewable energy.

Investments in climate-friendly systems are a necessity or much more will be lost in national revenue because destruction of the environment destroys natural resources that are a source of income, jobs, and livelihood, he said.

“Climate change exacerbates the current pressures that our coral reefs are experiencing. Based on a study, the Philippines is estimated to lose 6 percent of its gross domestic product every year until 2100 if it disregards the risks associated with climate change,” he said.