The Philippines said that under its commitment to the Paris Agreement on Climate Change, it was revising its target to cut greenhouse gas emissions to a 75% reduction by 2030. This is up from a target of 70% set four years ago.
As prescribed by the Paris Agreement, 72.29% is conditional on the support of climate finance, technologies and capacity development provided by developed countries. The remaining 2.71 per cent of the target has to be implemented mainly through domestic resources.
The aim of the Paris Agreement which came into force in 2016 is to transform the world’s fossil-fuel-driven economy within decades and slow the pace of a global temperature increase to well below 2 degrees Celsius.
In 2017, the Philippines had ratified the agreement allowing Manila access to the Green Climate Fund, which aims to channel billions of dollars to help poor nations tackle global warming.