CLIMATE change can exact a heavy toll on the national economy, and one mechanism to come up with funding that can mitigate its adverse consequences is the Climate Damages Tax (CDT). Implementation would entail collecting annual fees from fossil fuel companies; about $720 billion is expected to be raised by the end of the decade to support the world’s most vulnerable locations facing climate damage, including the Philippines.
According to a report by the environmental organization Greenpeace Philippines, climate hazards had already wrought a $10-billion damage to the country for a decade, from 2010–2020. The ongoing El Niño crisis had further led to another P5.9 billion in damages in just the first half of 2024; more losses are expected to happen because of the onslaught of the La Niña and its accompanying cyclones during the second half.
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