People pose for a photo with the Baku Olympic Stadium in the background at the COP29 U.N. Climate Summit. This event showcases the ongoing efforts and challenges in the fight against climate change. (AP Photo/Peter Dejong)

The Urgency of a New Climate Finance Goal

Deep divisions persist as negotiations enter the final week at the United Nations Climate Conference (COP29) in Baku. World leaders and negotiators from 196 nations are striving to set a new climate finance target to assist poorer countries in transitioning to clean energy and adapting to climate change. A recent UN-backed expert group report proposed that global climate action requires at least $1.3 trillion per year by 2035 to manage climate impacts in developing countries like the Philippines. The New Collective Quantified Goal on climate finance will replace the $100 billion per year commitment to developing countries by 2025.Climate finance is not charity; it is in every nation's interest to protect economies and people from climate impacts. Rich countries, including the United States and EU members, acknowledge the need for trillions of dollars but disagree on contributions, recipient nations, and fund allocation. UN Climate Change Executive Secretary Simon Stiell emphasized the need to wrap up less contentious issues early to make time for major political decisions.The Philippine delegation, led by Environment Secretary Maria Antonia Yulo-Loyzaga, is working hard to advance the country's interests in climate finance, mitigation, adaptation, and loss and damage discussions. Yulo-Loyzaga is hopeful but realistic about the amount needed and the progress made over the years.Countries are also urged to increase adaptation efforts due to a huge financial gap estimated by the United Nations Environment Programme (Unep) at $187 billion to $359 billion per year. Inger Andersen, executive director of Unep, stressed the need to unlock a new climate finance goal as climate is already harming communities worldwide, especially the poor and vulnerable.Negotiators are working on a "COP29 package" to ensure a high-ambition and balanced package across climate mitigation, finance, and adaptation, along with key elements on just transition, gender, and human rights.

Activists' Demands and the Impact of Typhoons in the Philippines

While negotiators draft a deal, climate activists are protesting outside the COP29 venue, demanding a minimum of $1.3 trillion per year in public finance for mitigation, adaptation, and loss and damage. Lidy Nacpil, coordinator of the Asian Peoples’ Movement on Debt and Development, emphasized the importance of a clear and ambitious climate finance target. She pointed out that the money issue affects other negotiations and that developing countries need financial support. Rodne Galicha, convener of Aksyon Klima Pilipinas, added that the Philippines incurs growing costs due to extreme weather events and requires justice-anchored support.Naderev “Yeb” Saño, executive director of Greenpeace Southeast Asia and former commissioner of the Climate Change Commission, said the discussions for a new climate finance goal are still unclear despite recent typhoons. He stressed the need for a robust deal with a clear loss and damage fund and adaptation language from developed countries. He remains hopeful despite political setbacks like governments not attending negotiations and the U.S. withdrawing from the Paris agreement.