COP 29: Towards building a sustainable future

The Philippines stands at a critical juncture as the world gathers in Baku, Azerbaijan for the 29th Conference of the Parties (COP 29). With the country facing the brunt of climate change impacts, its participation in this global climate summit is not just important, but imperative.

The Philippines, a climate-vulnerable nation, has firsthand experience of the devastating impacts of climate change. In just one month, six typhoons have made landfall in the Philippines, with at least two— "Kristine" and "Pepito" — leaving a trail of devastation across several provinces. Recognizing the urgency of this crisis, the Philippine government has prepared a comprehensive strategy to mitigate climate change and adapt to its inevitable consequences.

One of the key priorities for the Philippines at COP 29 is securing adequate climate finance. This funding is essential to implement ambitious climate action plans, such as building climate-resilient infrastructure, transitioning to renewable energy sources and supporting vulnerable communities. The Philippines, along with other developing countries, has consistently called for increased financial support from developed nations to address the disproportionate impacts of climate change.

The Philippines’ as lead host for the Loss and Damage Fund (LDF) Board is a testament to our commitment in helping drive the financial instruments so that climate-vulnerable nations may recover from the effects of climate change. Developed countries, however, must be compelled to contribute to this climate finance obligation so as to prevent additional strain on developing countries.

In addition to the LDF, the Philippines is actively participating in the Global Stocktake (GST) process. The GST is a crucial mechanism for assessing collective progress towards the goals of the Paris Agreement. But for this endeavor to succeed, there must be an open, transparent, and inclusive process that considers the diverse perspectives of developing countries.

The GST can also generate more robust and informed decision-making by providing adequate support, particularly for developing countries, to address data gaps in its climate assessments.

The transition towards a low-carbon economy should also be more inclusive. The Philippines is pushing for the alignment of the Just Transition Work Programme (JTWP) with Sustainable Development Goals (SDGs) to ensure balance between social, economic, and environmental objectives. This approach in implementing the JTWP would involve investing in education and training to equip workers with the skills needed for a green economy, creating decent jobs, and ensuring that the benefits of the transition are shared equitably.

International cooperation is crucial for the success of the Philippines’ climate strategy. The country can leverage expertise, technology, and resources to accelerate its climate action efforts in partnership with foreign institutions. Collaborative initiatives, such as knowledge sharing, technology transfer, and capacity building, are essential to building climate resilience and achieving sustainable development goals.

COP 29 presents a unique opportunity for the Philippines to shape the global climate agenda. By prioritizing climate finance, international cooperation, and domestic climate action, the country can position itself as a leader in the fight against climate change. Through strong international cooperation and the mobilization of adequate climate finance, we can play a bigger role in building a more resilient and sustainable future for all.

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Ginggay Hontiveros-Malvar is the Chief Reputation and Sustainability Officer of the Aboitiz Group and president of Aboitiz Foundation. With over three decades of senior management experience, she has led projects focusing on stakeholder engagement and sustainability, reshaping the group’s agenda. A passionate artist and avid traveler, Ginggay finds inspiration in drawing, painting and exploring diverse cultures. Ginggay is a dedicated mother — not only to her two grownup daughters, but also as a mom to her three huskies, Olaf, Louis and Grizzly — who balances her dynamic career with personal joy and companionship. For any feedback and recommendations, please reach out directly to Ginggay at ginggay.hontiveros@gmail.com.