Philippines: Climate Change and the Economy

Philippines is the second fastest growing economy in Asia, yet it only emits 0.25 percent of global carbon emissions. Well, 0.25 may look small, but though Philippines only emit this percentage of global carbon emissions, it is still the 5th most vulnerable country to be at risk with the effect of climate change.

Climate change negatively affects all vital sectors of the economy in the Philippines, including agriculture, fisheries, energy production, and transportation. With a 2.5 percent loss of the gross domestic product annually from climate change, this is an important issue Philippines has to deal with.

But the question is how can the Philippines achieve economic growth and fight poverty while also tacking climate change impacts and natural hazards?

The best answer the Philippines made to tackle climate change is when the President approved the Paris Agreement on Climate Change.

How can Paris Agreement help the Philippines?

Glad you asked.

Paris Agreement’s main focus is to lessen the country’s carbon emission to 70% by 2030. By pushing the use of renewable energy such as solar energy, and limiting the use of coal, the country will be able meet this goal in no time.

The more the Philippines focus in the usage of green energy, the more projects will be added, and the more green projects opens, the more jobs Filipinos can land on. The projected green jobs generation from 7.828 MW Renewable Energy projects for development is equivalent to about 62,625 employments.

So while the Philippines is tackling the problems of the climate change and embracing the energy revolution, the country is also boosting its economic growth especially in vulnerable areas suffering from energy poverty.

Most of us know that the Philippines is one of the most disaster-hit countries in the world. Typhoon Haiyan, which struck in 2013, became a poster child for climate change impacts resulting from increasingly extreme weather events. The country’s ambitious goal to reduce the carbon emission while boosting the economy sets an example for the rest of the world to follow.