Amid an escalating climate crisis, the delegation will work to strengthen existing commitments and advance new goals, the Department of Environment and Natural Resources (DENR) said in a statement.
Together with other countries, they aim to set a new global finance target for 2025 and beyond, building on the existing $100 billion annual commitment agreed upon by participating nations, it added.
“The Asia-Pacific nations, including our archipelago, remain among the most vulnerable to climate impacts,” Loyzaga stated in the statement, stressing the need for dependable funding and advanced climate science to mitigate risks.
“Limited fiscal space in climate vulnerable developing countries means we need urgent access to the best science, along with new, additional and appropriate financing and innovative mechanisms and instruments from public and private sources," she added.
Loyzaga also emphasized the importance of integrating the Paris Agreement with Sustainable Development Goals (SDGs) and the Plastics Treaty to create a holistic climate strategy.
At this gathering in Baku, the Philippines will emphasize other critical issues such as food security, urban resilience, and biodiversity.
“We are closely watching discussions on oceans, just as we are monitoring life on land,” she noted.
The country is also preparing to host the fourth meeting of the Board of the Fund for Responding to Loss and Damage in Manila from Dec. 2 to 5, 2024.
This follows the signing of the Loss and Damage Fund Board Act by President Marcos, which grants legal capacity for the Philippines’ hosting of the Board, empowering it to mobilize diverse climate financing sources to address climate-induced losses.
