Phl Needs at Least $72B for Climate Action Plan

The Philippines will require at least $72 billion (about P4 trillion) in financing to reduce its carbon emissions and support global efforts in confronting the climate crisis.

- By Brix Lelis

This was what Environment Secretary Raphael Lotilla highlighted during a recent climate summit organized by investment platform GenZero.

According to Lotilla, the funding targets key sectors such as energy, transport and agriculture as part of the country's commitment to its nationally determined contribution (NDC) under the Paris Agreement.

"Mobilizing this capital from public, private and international sources is critical to achieving the targeted reductions in greenhouse gas (GHG) emissions from these sectors," he said.

In April 2016, the Philippines, along with 174 countries, signed the Paris Agreement, an international treaty adopted during the United Nations Climate Change Conference in 2015.

As outlined in its NDC, the Philippines has committed to reducing its GHG emissions by 75 percent by 2030.