Department of Environment and Natural Resources (DENR) Secretary Maria Antonia “Toni” Yulo-Loyzaga is set to lead the Philippine delegation to the 29th Conference of the Parties (COP29) in Baku, Azerbaijan, where she will advocate for increased climate finance to support vulnerable nations.
The COP29, held under the United Nations (UN) Framework Convention on Climate Change, will run from Nov. 11 to 22, 2024.
In a statement on Friday, Nov. 8, Loyzaga expressed “cautious optimism” about the Philippine delegation’s role at COP29, noting the need to advance global commitments and set a new climate finance target for 2025 and beyond.
Currently, nations are working from a $100 billion per year commitment.
“The Asia Pacific nations that host a number of islands and our archipelago remain among the most vulnerable to the impacts of climate change,” Loyzaga said, stressing the urgent need for financial support in the region.
The DENR chief underscored that limited fiscal capacity in vulnerable developing countries necessitates immediate access to scientific resources, alongside “new, additional and appropriate financing and innovative mechanisms” from both public and private sources.
The COP29, according to Loyzaga, must also integrate multiple international commitments, including the Paris Agreement, the Sustainable Development Goals (SDGs), and the Plastics Treaty, as these are “inextricably linked” and require coordinated political action.
“All these must be linked because they rely on human and largely political decisions and actions and are truly interdependent,” she noted.
The agency said the Philippine delegation will focus on critical areas such as ocean health, biodiversity, food and water security, and climate-induced displacement.
“We are paying close attention to discussions on our oceans, just as we are watching life on land,” she said.
Loyzaga pointed out the importance of prioritizing issues such as a “just transition, food, (including agriculture and fisheries) and water security, public health, climate change-induced mobility, urbanization, local resilience and the developments in carbon and biodiversity markets.”
While attending COP29, the Philippines is also preparing to host the fourth meeting of the Board of the Fund for Responding to Loss and Damage in Manila in December.
Recently signed into law by President Marcos, Republic Act No. 12019 establishes the Loss and Damage Fund Board Act, giving legal status to the Fund’s Board in the Philippines. This law seeks to support countries affected by climate change through innovative climate finance solutions.