The Philippines calls for expanded global financing for loss and damage as climate-vulnerable countries face funding needs far beyond available resources. President Ferdinand R. Marcos Jr. and DENR Secretary Mitch Cuna urged predictable and accessible climate finance at a UNGA 81 high-level roundtable, where initial requests to the Fund exceeded US$2.8 billion against only US$250 million in available allocation. (Courtesy: DENR)
The Philippines is calling for an immediate, systemic scaling of global loss and damage finance during the 81st United Nations General Assembly (UNGA 81).
As host to the Fund for Responding to Loss and Damage (FRLD) Board and one of the world’s most vulnerable nations, the Philippines reaffirmed its commitment to bridging financial mobilization and frontline climate needs.
Department of Environment and Natural Resources Secretary Juan Miguel Cuna outlined measures to improve loss and damage finance, including simplified direct-access funding for local communities, a dedicated non-economic loss and damage window, and climate-responsive social protection for frontline workers.
“Loss and damage finance is not charity; it is the fundamental precondition for global climate equity, human dignity, and shared global stability,” Cuna said, calling for faster and more direct assistance. The Philippines and the FRLD Secretariat also urged developed nations to increase climate finance under the UN Framework Convention on Climate Change and Paris Agreement.
Cuna also stressed the need to shift to renewable energy to reduce the Philippines’ exposure to global fuel market disruptions and geopolitical instability. Under the Philippine Energy Plan, the government targets more than 50% renewable energy in its power generation mix by 2050, with a near-term target of 35% by 2030.