The House Committee on Climate Change on February 22, 2023 approved Resolution No. 213, which supports the establishment of a Multi-Actor Partnership (MAP) on the enhancement of climate and disaster risk financing and insurance (CDRFI) in the Philippines.
Climate Change Committee chair and First District Representative Edgar Chatto sponsored the resolution creating a multi sectoral group comprised of representatives from the private sector, insurance providers, national and local governments, cooperatives, and civil society organizations to enhance the country’s financial protection against climate change and disaster risks, especially for the most vulnerable sectors in the country.
“CDRFI is critical in addressing the financial and socio-economic impacts of climate change and disasters in the country and the world. As a developing nation, it is our responsibility to ensure that CDRFI prioritizes the needs of the most vulnerable sectors in the Philippines, and this is for both the national and local governments,” Chatto said in his sponsorship remarks during the committee meeting.
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.
The Institute for Climate and Sustainable Cities deputy executive director Angelo Kairos Dela Cruz said that a 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 need for funds in implementing our climate change action plans, in both national and local governments, cannot be overemphasized enough, considering that the country is one of the most vulnerable to the effects of climate change,” Chatto had pointed out in earlier discussions on climate funding and climate justice.
The move is a follow-up to the move of the House panel on climate change regarding the issue on loss and damage.
Earlier, Chatto’s House Committee on Climate Change, hosted a focus group discussion (FGD), on January 30, 2023, regarding the issue of loss and damage in relation to climate change.
The FGD was participated in by select representatives from government agencies, local government units (LGU) partners, non government organizations (NGO) and members of the House Committee on Climate Change.
The FGD discussed Chatto’s “bill in progress” regarding the loss and damage in relation to climate change.
Chatto said the Philippines is the most vulnerable country when it comes to the effects of climate change.
Based on the World Risk Index 2022 report, released in September 2022, the Philippines is identified as the most vulnerable country to climate change risk out of 193 countries.
India and Indonesia are second place and third place, respectively.
In the privilege speech delivered by Chatto in November 2022, the solon said that, “the vulnerability of the Philippines as well as other poor nations underscores the importance of climate justice: Rich nations and corporations must take responsibility for the adverse impacts of climate change. Such a responsibility includes raising the ambition for cutting carbon emissions and committing to finance that allows poor nations to deal with adverse climate impacts.”
In the same speech, he emphasized that the 27th Conference of Parties of the United Nations’ Framework Convention on Climate Change, or COP 27, in November 2022, discussed the issues on loss and damage, as well the financing for the damage brought by climate change and adaptation to global warming. These issues are important to a country like the Philippines.
To date, there is no national law providing legal framework on loss and damage.