Philippines leads call for climate change funding

MANILA, Philippines - Ahead of climate change talks in Paris beginning today, the Philippines led other emerging nations in pressing developed countries to provide more funds to their poorer counterparts and even top their $100-billion commitment six years ago.

In a letter dated Nov. 12, Finance Secretary Cesar Purisima asked rich economies to complete the delivery of their fund commitments even before their 2020 deadline as agreed in climate negotiations in Copenhagen, Denmark.

“Closing the outstanding gap to $100 billion should not only be achievable. It should even be possible to surpass this scale of financial mobilization and to do so prior to 2020...,” the letter read.

Purisima chairs the Vulnerable 20 (V20) Group of climate-susceptible nations. A copy of his letter was sent to reporters over the weekend.

As of last year, a total of $62 billion of the $100 billion yearly pledge was already given by developed nations, according to a report by the Organization for Economic Cooperation and Development in October.

The commitment was a landmark during negotiations in Denmark where countries failed to follow through with the expired Kyoto Protocol made in 1997. The Japan agreement pledged to contain the warming of the planet to two degrees Celsius.

A new round of climate talks commences today at the UN Climate Change Conference of Parties (COP21) in France.

For the V20, Purisima said a lower 1.5-degrees target by 2030 has been set, achieving which would require “significant levels of finance” from both poor and rich nations.

To raise funding, the Finance chief stressed on the proposals made during the World Bank meetings in Lima, Peru in October, including imposing carbon and airline taxes and floating green bonds.

“We support these options and believe other sustainable and predictable financing solutions may also be explored by different countries,” Purisima said.

Specifically, he called on developed nations to study the feasbility of a financial transactions tax as well as climate risk fund pooling between public and private sectors.

Purisima also asked for support to V20 through technical expertise and assistance, particularly on accounting models that would consider climate change costs to macroeconomic targets.

Converting poor nations’ debts to climate credits may also be studied, he added.

“We are convinced the V20 also has its role to play in helping unlock the full potential of climate finance as we look to a new international partnership for moving our efforts forward,” Purisima said.

The V20 is scheduled to adopt a Manila-Paris declaration today that would spell out a roadmap containing its priorities to achieve climate change targets.

President Aquino will lead the ceremonies in Paris ahead of COP21.