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Philippines Urges Climate Finance as Developing Nations Face Mounting Impacts

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Climate Finance,Climate Change,Philippines

The Philippines is urging wealthy nations to deliver on promised climate finance as the country grapples with the devastating effects of climate change. Developing nations, including the Philippines, are demanding more funding to cope with extreme weather events and other climate-related challenges. Meanwhile, efforts to establish systems for tracking commercial fishing in the Philippines have been hampered by political and bureaucratic obstacles, raising concerns about the sustainability of the country's marine resources.

This is AI generated summarization, which may have errors. For context, always refer to the full article.in Baku, Azerbaijan, to agree on a new climate finance goal which would help developing countries like the Philippines cope with climate change.

The final deal was that wealthy nations must pay $300 billion a year by 2035 — about a trillion less than what is needed by the developing world. “The Philippines recently faced six consecutive storms, resulting in the tragic loss of over 170 lives,” said Avril de Torres of think tank Center for Energy, Ecology, and Development. “If this is not proof that money is needed now, then what more must we endure?”published in April found that top officials with private interests have hampered efforts to implement systems that would track commercial fishing in the country.

Activists have stepped up to help protect the environment, but the world is not safe for them. According to a report from Global Witness, 196 environmental defenders were killed across the globe in 2023 alone.

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Climate Finance Deal Falls Short of Developing Countries' DemandsDespite international summits aiming to unite nations in combating the climate crisis, disagreements persist on crucial issues like climate finance, fossil fuel phasing, and plastic reduction. COP29 in Baku, Azerbaijan, saw a $300 billion climate finance deal agreed upon, falling short of the $1.3 trillion demanded by vulnerable countries.
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