Urgent climate financing needed to support nature-based solutions

A Department of Environment and Natural Resources official on Friday said the Philippines has reiterated its call to accelerate climate finance for the implementation of gender-responsive nature-based solutions aimed at addressing climate change and biodiversity loss, during the the 28th Conference of the Parties to the UN Framework Convention on Climate Change in Dubai.

Analiza Rebuelta-Teh, DENR Undersecretary for Finance, Information Systems and Climate Change, highlighted that concerted efforts for boosting climate finance is key to advancing the understanding and implementation of nature-based solutions in the country, with the integration of inclusivity within local communities. She added that the Philippines advocates for a "demand-driven and needs-based financing through a blended approach of grants, investments and subsidies."

"The Philippines is pushing for accelerating climate finance. To be able to do that, we need to collaborate — the government, all countries, private sector and philanthropic organizations, and really identify how we can achieve much-needed resources to implement nature-based solutions on the ground," Teh said, during a side event of the COP28 entitled "Reducing the climate finance gap with gender-responsive Nature-based Solution" held at the Philippine Pavilion on 4 December.

Nature-based solutions are approaches that employ natural processes or systems to solve societal problems in a sustainable manner. These may include reforestation initiatives, mangrove restoration projects, sustainable agricultural methods and the creation of green infrastructure such as urban parks.

According to the World Bank, nature-based solutions can provide up to 37 percent of the emission reductions the world needs by 2030 to keep global temperature increases under 2 degrees Celsius. Further, nature-based solutions also aid in the fulfillment of the United Nations Sustainable Development Goals, but they have not been sufficiently adopted, implemented or financed.

"We should acknowledge that the purpose of nature-based solutions is to deliver affordable and scalable actions at the community level to fight against climate change," added Teh.

The DENR official also noted that aside from financing, implementing projects on nature-based solutions for the country should be planned through the lens of disaster preparedness, so that these can significantly contribute to building resilience, mitigating risks and adapting to the impacts of climate change.

"Aside from the financing barrier, we also need to address the governance barrier. While several initiatives mainstream gender in climate financing mechanisms, the challenge is how we leverage gender equity in climate financing by prioritizing adaptation and mitigation measures or projects that would build maximum co-benefits to the poor and other vulnerable sectors including women."

As women constitute the majority of the world's poor and are known to rely more on natural resources for their livelihood, they are more vulnerable to the effects of climate change than men.

Teh added that addressing the knowledge gap is also a must, pointing out that some communities still implement food system practices that can actually harm the ecosystem and the habitat.

Climate finance is one of the major themes in COP 28. According to Article 9 of the Paris Agreement, developed nations are required to fulfill their prior commitments under the Convention by giving developing states financial support for their efforts to mitigate climate change and adapt to it. In addition, voluntary extension or maintenance of such support is recommended upon other Parties.

Developments in advancing nature-based solutions in the country have already made progress. In the forthcoming National Adaptation Plan and the Nationally-Determined Contribution Implementation Plan, various sectors and innovative practices supporting nature-based solutions are covered and promoted as means to secure food supply, sustain livelihoods and restore the natural assets.

The DENR also has existing partnerships with the private sector such as the Marubeni Philippines Corporation, Prime Infra and Shell Pilipinas Corporation to reforest vast hectares of lands in the country to protect habitats and also serve as carbon mitigation projects. The Philippines is also in the process of formulating the blue economy roadmap and has already issued guidelines on carbon accounting, verification and certification system of Forest Carbon Projects per DENR Administrative Order No. 2021-43.