DUBAI– Earlier in November, the entire Filipino nation commemorated the tenth anniversary of Typhoon Haiyan, also named Typhoon Yolanda, one of the most devastating natural catastrophes to ever hit the country. As a result, climate change concerns are once again being raised by DENR Secretary Ma. Antonio Yulo-Loyzaga in preparation for the annual United Nations Climate Change Conference, otherwise called COP28.
COP28 also known as the “Conference of Parties”, which takes place in UAE, Dubai from November 30–December 12, 2023 looks back at the Global Stocktake report to see where countries and other stakeholders stand on their collective goals and missions in the pursuit of climate action initiatives on the previous Paris Agreement.
This year is expected to have 70,000 leaders, diplomats, and entrepreneurs from 200 different countries are set to participate in the talks for recommendations for the loss and damage fund.
The Philippine Chamber of Cooperatives Inc. (PCCI) also known as Co-op Chamber, which was recently established with the sole purpose of uniting cooperative leaders, officials, and advocates in supporting the common cause such as raising the banner on climate justice, Mr. Noel D. Raboy, President and CEO of CLIMBS and the organization’s founding trustee, along with CLIMBS Chairperson and Co-op Chamber’s founding Chair, Fr. Elmo Manching, Vice President for Admin & Corp Planning, CEO and Principal of Cooperative College of the Philippines, Donna C. Dizon, Vice President for Operations, Blesilda L. Cumba, and Vice President for Sales, Renan P. Diaz, will attend the COP28 in the hopes of demonstrating global solidarity and assisting the country in its pursuit of climate adaptation and mitigation by implementing tailored insurance solutions that protect lives, livelihoods, and infrastructure in the face of climate-induced challenges.
COP28 is an excellent opportunity for addressing the rising needs of developing nations that are especially vulnerable to the negative consequences of climate change. Climate change is a force to be reckoned with given the Philippines’ geographical location and unpredictable weather patterns, leading as to why CLIMBS Life and General Insurance Cooperative addresses these issues head on by introducing a highly effective working model called The Weather Protect Insurance (WPI), which has been proven to be an effective means of managing loss and damages caused by weather-related events in the country. CLIMBS as a cooperative Climate Insurance, also gears its focus towards generating a framework that promotes the adoption and affordability of risk insurance through supporting tailored solutions.
As part of the 2030 Agenda for Cooperatives and the Philippines’ National Determined Contributions, the cooperatives aim to rally for solidarity and support in SDG: 13 and SDG: 17, Climate Action and Partnerships for the Goals.
A transitional committee also proposed the loss and damage fund for ratification at COP28 paving the way to implement more collaboration and sustained efforts between the public and private sectors for developing a robust policy on risk insurance that enables a more resilient and low carbon future.
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