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Despite contributing only 0.3 percent of the world’s total greenhouse gas (GHG) emissions, the Philippines has suffered losses and damages from climate-related hazards totaling PHP506.1 billion (roughly US$10 billion) over the last decade, highlighting the country’s extreme vulnerability to climate crisis.

According to data acquired by the Department of Finance (DOF), this amount accounts for 98.2 percent of the country’s total expected losses and damages of PHP515.51 billion (about US$10.6 billion) from 2010 to 2020.

This enormous sum is equivalent to an annual average of PHP48.9 billion, or around 0.33 percent of the Philippines’ yearly average gross domestic product (GDP).

The Philippines, which is located in the typhoon belt and the Pacific Ring of Fire, suffers inevitable losses and damage up to 0.5 percent of its annual GDP due to an increasingly unpredictable climate, according to the Department of Finance.

Every year, the Philippines is hit by roughly 20 tropical cyclones, with seismic activity occurring on a near-daily basis.

As a climate-vulnerable country, the Philippines, according to Finance Secretary Carlos Dominguez III, has a lot riding on reversing the destructive effects of global warming.

“As I have stated many times, I am determined to make the Philippines a model for all nations in terms of setting standards for reducing the effects of climate change. “Through our climate ambition, I want us to be a world leader in this field,” Dominguez added.

Dominguez, who is the chairman-elect of the Climate Change Commission (CCC), is leading the Philippine delegation to the 26th United Nations Conference of the Parties on Climate Change (COP26).

He is expected to be one of the leading voices from participating developing economies, urging Western countries, which are largely responsible for the majority of GHG emissions, to act now to reduce their carbon footprints and to follow through on their commitments to provide climate-vulnerable countries with the financing they need to transition to a clean energy future.

“The COP will meet for the 26th time this year. Despite this, little has been done. Nothing would make us happier than for the countries that have emitted and continue to emit the most greenhouse gases to accept responsibility for financing the transition to carbon neutrality,” Dominguez said earlier this month at the opening of the Asian Infrastructure Investment Bank’s 2021 Annual Meeting on October 27. (AIIB).

As part of its National Determined Contribution (NDC) to the Paris Agreement, the Philippines has committed to a 75 percent reduction in greenhouse gas emissions and avoidance from 2020 to 2030 in agriculture, wastes, industry, transportation, and energy sectors.

The Department of the Treasury’s latest Fiscal Risk Statement (FRS), released this year, “cites the country’s exposure to natural catastrophes as a major source of downside risks for the national government’s fiscal position,” according to the DOF.

The FRS is updated every year to highlight the financial risks to which the Philippines is exposed, as well as the government’s important programs and measures to mitigate these risks.

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