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People navigate the flood in different ways as intense rain brought by tropical storm Enteng inundates large portions of Cainta, Rizal on September 2, 2024. Jonathan Cellona, ABS-CBN News

People navigate the flood in different ways as intense rain brought by tropical storm Enteng inundates large portions of Cainta, Rizal on September 2, 2024. Tropical Cyclone Wind Signal No. 2 has been raised over several areas in northern Luzon after tropical storm Enteng made landfall over Casiguran, Aurora, the PAGASA weather bureau reported. Jonathan Cellona, ABS-CBN News

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TS-ENTENG

Raphael Bosano

ABS-CBN News

<div><span data-teams="true" id="isPasted"><span dir="ltr"></span></span></div><div><span class="fr-img-caption fr-fic fr-dib" style="width:960px"><span class="fr-img-wrap"><img src="https://od2-image-api.abs-cbn.com/prod/editorImage/172898243629220240902-tropical-depression-enteng-cainta-JC-0699.jpg" style="width:960px" class="fr-fic fr-dib" alt="People navigate the flood in different ways as intense rain brought by tropical storm Enteng inundates large portions of Cainta, Rizal on September 2, 2024. Jonathan Cellona, ABS-CBN News"/><span class="fr-inner" style="text-align:left">People navigate the flood in different ways as intense rain brought by tropical storm Enteng inundates large portions of Cainta, Rizal on September 2, 2024. <em>Jonathan Cellona, ABS-CBN News</em></span></span></span>MANILA — As climate change continues to exacerbate extreme weather in the Philippines and all around the world, the need to fund mitigating measures to reduce risk from natural hazards and ensure resilience becomes even more important.</div><div><a class="fr-green fr-strong" href="https://news.abs-cbn.com/news/2024/9/18/climate-disasters-education-among-top-concerns-of-young-filipinos-unicef-poll-1317">Climate, disasters, education among top concerns of young Filipinos — UNICEF poll</a> </div><p>Representatives of different Asia-Pacific countries and the private sector on Tuesday highlighted their best practices and provided insights at the Asia-Pacific Ministerial Conference on Disaster Risk Reduction (APMCDRR) 2024, which they hope other governments can also look into to ensure that their citizens will be able to withstand devastation in the wake of natural calamities.</p><p>Asian Development Bank (ADB) President and Board Chair Masatsugu Asakawa says international institutions must step up to help build resilience. </p><p>“We can enhance financial resources and knowledge for disaster risk reduction (DRR), promote budgetary processes that respond to risk and strengthen the enabling environment for DRR,” he said. </p><p>From 2019 to 2027, Asakawa says the ADB has scaled up its ambition to provide $100 billion for cumulative climate financing. One third of this amount is for climate change adaptation while it also supports the poorest countries in the form of grants. </p><p>In the Philippines, the private sector has also jumpstarted financing for climate solutions. </p><p>Ayala Corporation Chairperson Jaime Agusto Zobel de Ayala enumerated how they have instituted climate financing in their different lines of businesses to achieve resilience and sustainability. </p><p>“After Typhoon Haiyan, Globe Telecom, our telecommunications arm, built more resilient cell towers. Ayala Land continues to incorporate disaster related data in their estate planning ensuring properties are resilient, sustainable, and valuable,” he said.</p><div><a class="fr-green fr-strong" href="https://news.abs-cbn.com/news/2024/7/31/typhoons-forming-closer-to-coast-due-to-climate-change-study-1618">Typhoons forming closer to coast due to climate change: study</a> </div><p>He stressed that company leadership contributes largely towards greater climate awareness. </p><p>Further business continuity, according to experts, should also be planned and considered to be part of disaster risk reduction. </p><p>Officials also noted how both the public and private sectors can work together. In Japan, for example, cooperation agreements between the government and retail stores and logistics companies are in place to ensure the smooth flow and delivery of relief goods during times of disasters. </p><p>With the threat of climate-induced disasters becoming more imminent, the Department of Environment and Natural Resources said integrated and transformative action must be fast tracked by using both local and traditional knowledge as well as data-driven, evidence-based and risk informed planning and financing. </p><p>“The commitments we make to science, innovation, and investments can fundamentally transform our risk landscapes and will determine the future of our communities,” said Environment Secretary Maria Antonia Yulo-Loyzaga. </p><p>On Tuesday, President Ferdinand Marcos Jr. led the opening of the biennial conference where he called for the establishment of stronger international frameworks to help countries in the region towards better disaster mitigation and prevention and ensure the protection of lives and livelihood.</p><div><a class="fr-green fr-strong" href="https://news.abs-cbn.com/business/2024/3/22/environmental-group-pushes-for-reuse-refill-amid-plastic-pollution-1905">Environmental group pushes for ‘reuse &amp; refill’ system amid plastic pollution</a></div>

<p>As climate change continues to exacerbate extreme weather in the Philippines and all around the world, the need to fund mitigating measures to reduce risk from natural hazards and ensure resilience becomes even more important.</p>

As climate change continues to exacerbate extreme weather in the Philippines and all around the world, the need to fund mitigating measures to reduce risk from natural hazards and ensure resilience becomes even more important.

Why countries need to fund climate solutions and disaster risk reduction fast

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Why countries need to fund climate solutions and disaster risk reduction fast

Raphael Bosano,

ABS-CBN News

Published Oct 15, 2024 04:54 PM PHT

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APMCDRR

APMCDRR 2024

UNDRR

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climate financing

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