As a country consistently affected by extreme weather events, the Philippines is in a race against time to mitigate the effects of climate change on its people and economy.
This year, President Ferdinand “Bong Bong” Marcos, Jr.’s Agenda for Prosperity announced the country’s ambition to become a “moderately prosperous” economy by 2040. However, climate-related events – including typhoons that pummel the country each year, as well as floods, landslides, and droughts – continue to thwart efforts to reach this goal.
The World Bank estimates that the economic impact from climate change in the nation could reach up to 7.6 per cent of GDP by 2030, with capital-intensive sectors likely to suffer the most, along with the agriculture sector, which severely affects the poorest households. Without urgent action, the economic and human costs to the country due to climate change will be profound.
President Marcos’s climate budget worth P464.5 billion is a step in the right direction, but only makes up less than a tenth of the total national budget and may fail to cover increasing climate-induced losses. Climate-related hazards have incurred P506.1 billion in damages to the Philippines over the past decade alone.
How can the Philippines unlock more funding to weather future storms? What role do the 4Ps – private, public, and philanthropic partnerships – play in mobilising much-needed funding for climate action? What frameworks are needed to make transition finance an effective tool for hard-to-abate sectors?
Unlocking Capital for Sustainability Philippines 2023 will convene leaders and decision-makers across the government, financial institutions and civic society to explore the latest developments and pathways forward to enable an equitable transition.