AS the United Nations Framework Convention on Climate Change (UNFCCC) First Meeting of Experts on Climate Finance wraps up its two-day meeting in Makati City, climate activists belonging to the Philippine Movement for Climate Justice (PMCJ) warned that any delay in climate finance will be "disastrous" to the Philippines, as well as other developing countries that are highly vulnerable to climate-change impacts.
The group stormed the Dusit Hotel on Wednesday to demand developed countries to pay their "climate debt" through climate finance, and implement deep cuts in their greenhouse- gas emissions to mitigate the impacts of climate change.
During the first day of the meeting, experts suggested a list potential sources of funds from which the developed countries could draw from to fulfill their promise to provide $100 billion every year by 2020.
Among them is the removal of fuel subsidies in advanced economies which could free at least $500 billion annually. But such proposal is being debated upon. The participants of the First Meeting of Experts on Climate Finance are expected to come up with a list of recommendations, which will be brought up during the next UNFCCC meeting to be held in Bonn, Germany, within the year.
In a statement, Flora Santos of the Pagkakaisa ng Taumbayan para sa Tubig at Karapatan, an observer in the on long-term finance experts meeting, said while the discussion of experts on how to raise funds for long-term finance was a welcome development, she said the UNFCCC, especially the developed countries, should be reminded of the need to act now."
"The delay of climate finance would be disastrous for developing countries like the Philippines. The disasters that our people had gone through did not only cost lives and properties, it also accounted to around 5 percent of our GDP [gross domestic product]. Vulnerable communities must be able to respond and adapt to the impacts of climate change. Without adequate finance, we will remain defenseless and unprepared," Santos added.
According to PMCJ, a new climate finance structure must now provide new and additional funds that prioritize public investments as a main source for climate financing.
"...Developed countries and corporations must not rake in profits off the misery and devastation experienced by vulnerable communities. On the contrary, climate finance is precisely to hold developed countries liable to the climate crisis," Arances added.
The experts meeting will discuss the parameters of pathways for mobilizing scaled-up climate finance and examine enabling environment and policy frameworks in the context of mobilizing and effective deployment of climate finance.
At the 2012 UNFCCC, the parties decided to embark on a work program on LTF in order to mobilize $100 billion per year by 2020 for climate finance.
"Climate finance must not come in the form of loans or debt-creating instruments. Instead of further pushing developing countries into indebtedness, developed countries must own up their responsibility to provide climate finance," lawyer Aaron Pedrosa of the Freedom from Debt Coalition said.