Economy



By Melissa Luz T. Lopez, Reporter


V20 forms alliance on climate change




Posted on May 25, 2016


NATIONS deemed most vulnerable to the ill effects of climate change have forged a partnership for preparedness and support among each other during times of disaster.

In a statement, the Finance department announced the creation of the Global Partnership for Preparedness (GPP) during the World Humanitarian Summit in Istanbul, Turkey, on Tuesday, which would act as a support system during times of natural disasters.

The group is led by National Treasurer Roberto B. Tan who chairs the Vulnerable Twenty (V20) economies that represents 43 developing nations seen most exposed to climate change.

“The partnership will strengthen preparedness capacities initially in 20 countries, so they attain a minimum level of readiness by 2020 for future disaster risks mainly caused by climate change,” the statement read.

Formed in October through a communique forged in Lima, Peru, the V20 nations earlier agreed to put up a risk pooling mechanism that would distribute economic and financial risks, as well as best practices and efforts in responding to climate-related disasters.

Among the goals which the GPP must lay out include better access to risk analysis and early warning systems; contingency plans for clear responsibility, triggers for action, and pre-committed finance; and social protection, basic services, and capacity-building against shocks.

“If we plan ahead, we will create a situation where instead of wave after wave of climate-driven natural disasters destroying what gains communities have made, they can pick up their lives again as soon as possible,” Mr. Tan was also quoted as saying.

Also aboard the GPP are offices under the United Nations such as the Food and Agriculture Organization, the Office for the Coordination of Humanitarian Affairs, United Nations Development Programme, and the World Food Programme, alongside the World Bank’s Global Facility for Disaster Reduction and Recovery.

The Philippines earlier led the so-called V20 economies during the historic Paris agreement among countries on strategies to slow down the increase in global temperatures to 2 Celsius or lower.

The Finance department said more than 1,000 deaths occur yearly in the Philippines due to natural calamities, with typhoons accounting for 74% of lives lost, 62% of damage to properties, and 70% of damage to agriculture.