Dubai, UAE — President Ferdinand R. Marcos Jr. called on global leaders on Friday to swiftly operationalize the “Loss and Damage Fund” to support developing nations grappling with the impacts of the climate crisis. Speaking at COP28 Summit in Dubai, he sought international backing for the Philippines’ bid to host the fund.
In his address, conveyed by Special Assistant to the President Antonio Ernesto Lagdameo Jr., Marcos emphasized the need for a just transition and loss and damage financing. He announced the Philippines’ intent to host the Loss and Damage Fund, urging collaboration from the private sector, civil society, partner countries, and funding institutions.
The Loss and Damage Fund addresses the costs of recovering from climate impact. Marcos underscored the urgency of confronting climate impact, citing reports from the Intergovernmental Panel for Climate Change, which forecasts severe effects on vulnerable and poor communities.
The Philippines, a longstanding advocate for climate issues, has allocated PhP453.11 billion for climate change adaptation and mitigation in 2023. Marcos highlighted the country’s commitment to a 35% renewable energy share by 2023 and emphasized the protection of natural resources, biodiversity, and ecosystems.
Acknowledging challenges, Marcos expressed gratitude for Official Development Assistance (ODA), particularly PhP164.17 billion worth of climate change projects. He thanked the Asian Development Bank and the British Government for their support in completing the Philippines’ “National Adaptation Plan” and the “Nationally Determined Contribution Implementation Plan.”
As the Philippines continues to address climate change, Marcos concluded with optimism, rallying global leaders to find inspiration in the progress achieved worldwide. |PND
