by Beatriz Marie D. Cruz | Feb 23, 2023| Published by BusinessWorld | READ THE STORY HERE
A HOUSE panel approved on Wednesday a resolution creating a multisectoral group that will enhance the country’s financial protection against climate and disaster risks, especially for the most vulnerable sectors.
Bohol Rep. Edgar M. Chatto, author of House Resolution No. 213, told the climate change committee that the Philippines must boost its climate and disaster risk financing and insurance (CDRFI) mechanisms to provide social protection to communities that suffer the most from the impact of extreme weather patterns.
The group will include representatives from the private sector, insurance providers, national and local governments, cooperatives, and civil society organizations, among others.
Angelo Kairos Dela Cruz, executive director of the Institute for Climate and Sustainable Cities, said that a multi-actor partnership (MAP) would prepare the Philippines for loss and damage funding negotiations as well as engagement with international financing mechanisms such as the Global Shield against Climate Risks financing facility.
“The government is in the best position to lead MAP and maximize collaboration among key stakeholders,” Mr. Dela Cruz said.
The CDRFI “creates a space to minimize and respond to the impacts of disasters” by “ensuring that necessary resources are available to respond to and recover from potential losses,” according to the resolution.
“MAP and CDRFI both are not silver bullets. It will not solve our climate problem, but they’re small pieces of the puzzle,” Mr. Dela Cruz said.
The Finance department said last year that the Philippines may incur P1.5 trillion in losses from the impact of natural events following the intensified impacts of climate change.
Human rights organization Germanwatch noted that the Philippines was the fourth most affected country in terms of losses from extreme climate events from 2000 to 2019.
The committee also approved a resolution adopting a People’s Green New Deal, which is intended to guide the executive and legislative branches in forming long-term strategic goals for mitigating the impact of climate change and strengthening resilience towards economic recovery.