President Ferdinand Marcos Jr. has called on world leaders to rally behind the Philippines’ bid to host the “Loss and Damage Fund” as he pushes for the swift implementation of the program to aid developing and vulnerable nations in coping with the effects of the climate crisis.
In his address delivered by Special Assistant to the President Antonio Ernesto Lagdameo Jr. during the opening of the United Nations Framework Convention on Climate Change (COP28) in Dubai, President Marcos announced the Philippines’ intention to host the Loss and Damage Fund.
“The Philippines urges the immediate operationalization of this Fund to assist developing and vulnerable countries in responding to the intensified droughts, floods, and rising sea levels caused by climate change,” stated Marcos. “We call upon partners from the private sector, civil society, partner countries, governments, and development funding institutions to support the Philippines in this endeavor. We have a proven track record of meaningful collaboration in tackling the climate crises.”
Almost 200 nations have backed the launch of the “loss and damage fund” to provide support to countries affected by global warming.
President Marcos emphasized the urgency of addressing the impacts of climate change, citing reports from the Intergovernmental Panel for Climate Change that highlight the severe consequences for vulnerable and impoverished communities.
Marcos underscored that the Philippine government has taken concrete steps to mitigate the effects of climate change and combat biodiversity loss and pollution.
“Climate change is more than just an environmental issue for us; it is a matter of survival, justice, and safeguarding the rights of our people,” the President asserted.
“Hence, the Philippine Development Plan has solidified national development priorities by accelerating climate action and establishing sustainable and livable cities,” he added.
The President disclosed that the government has allocated P453.11 billion for climate change adaptation and mitigation for 2023. Additionally, P889.65 million has been granted to local government units for climate change adaptation programs and projects through the “People’s Survival Fund.”
Moreover, apart from ensuring adequate funding for climate change mitigation efforts, President Marcos highlighted that the Philippines, ranking as the world’s third-largest geothermal power producer after the United States and Indonesia, is actively pursuing low-carbon development.
“We are on track to achieve a 35-percent renewable energy share in the power generation mix by 2023 through policy reforms that attract more investments in offshore wind and floating solar. We must protect our forests, oceans, and biodiversity,” Marcos affirmed.
He further emphasized the Philippines’ status as a megadiverse country, home to 50,000 species of flora and fauna, with 50 percent of them found exclusively in the country.
The President also informed world leaders that the Philippines is diligently implementing various climate responses.
“We are intensifying the protection of natural resources to restore ecosystems and maximize ecosystem services that will benefit indigenous peoples and local communities,” he stated.
President Marcos Jr.’s call for global support in hosting the “Loss and Damage Fund” at COP28 reflects the Philippines’ commitment to addressing the urgent challenges posed by the climate crisis. With its proactive measures and ambitious goals, the country aims to serve as a beacon of sustainable development and resilience in the face of environmental threats.
Source: The Manila Times
