On October 21 at midnight, tropical depression Kristine entered the Philippine area of responsibility. What was first identified as a low-pressure area quickly grew into a severe tropical storm — battering much of the biggest island group in the country, Luzon.
For nations like the Philippines, prone to repeated and worsening storms, enduring climate impacts without substantial external support becomes increasingly unsustainable. If these nations have any hope to withstand the worsening effects of global warming, they will need trillions of dollars in funding.
For climate-vulnerable countries, the NCQG should reflect what developing countries need in terms of funding their respective climate action efforts. This would take about USD 2.4 trillion annually, according to the Independent High-Level Expert Group on Climate Finance. As the clock ticks down to COP29, the question remains: will wealthy nations support a financial target that truly reflects the scale of climate challenges? Another point of contention for the NCGQ is determining who’s going to pay up. Developed countries advocate for a target that encourages the private sector to invest, as well as for multilateral development banks to reform existing financial mechanisms.
It's crucial to recognize that finance tailored to the unique needs of vulnerable countries is just as important as the overall amount.
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