Extreme weather events such as tropical cyclones are costing the Philippines $1.6 billion every year, making the country one of the most vulnerable to climate change. The conservation of ecosystems such as forests, mangroves and coral reefs are a cost-effective way to realise adaptation.
In order to scale up ecosystem-based adaptation (EBA) to climate change, leading industry and finance sectors must begin to incorporate ecosystem protection values into their risk management and investment plans.
Earth Security Group has been working in the Philippines to create new private and finance sector mechanisms to accelerate ecosystem-based adaptation. ESG works with the support of the International Climate Initiative of Germany's Federal Ministry for the Environment, Nature Conservation, Buildings and Nuclear Safety (BMU).
As part of the project, ESG has built a network of leading companies, banks, investors, and business platforms and is advancing a series of innovative partnership models that support EBA implementation in alignment with the country’s National Adaptation Plan.
An interim results brief outlines the work being pursued with strategic partners:
Key activities and milestones in this project have included: