UPDATE: President Ferdinand Marcos Jr. has made a passionate plea to world leaders, urging them to support the Philippines’ bid to host the “Loss and Damage Fund.” Speaking through Special Assistant to the President, Antonio Ernesto Lagdameo Jr., at the United Nations Framework Convention on Climate Change (COP28) in Dubai, Marcos emphasized the urgent need for the operationalization of the program to assist developing and vulnerable countries in mitigating the impact of the climate crisis.
Marcos announced the Philippines’ intent to host the Loss and Damage Fund, stating, “We call for the immediate operationalization of this Fund to assist developing and vulnerable countries in responding to droughts, floods, and rising sea levels exacerbated by climate change.” He further appealed to partners from the private sector, civil society, partner countries and governments, and developing funding institutions to support the Philippines in this bid, acknowledging their past collaboration with the government in tackling climate crises.
The launch of the “loss and damage fund” received backing from almost 200 nations, highlighting the global recognition of the need to support countries affected by global warming.
President Marcos emphasized the urgency of addressing the impact of climate change, citing reports from the Intergovernmental Panel for Climate Change that predict severe consequences for vulnerable and poor communities.
He highlighted the Philippine government’s commitment to implementing transformative solutions to curb the impact of climate change, as well as address biodiversity loss and pollution. Marcos stated, “More than just an environmental issue; for us, it is a matter of survival, of justice, and of protecting the rights of our people.” He further explained that the Philippine Development Plan has outlined national priorities for accelerating climate action and establishing sustainable and livable cities.
The President also highlighted the financial commitment of the government towards climate change adaptation and mitigation. The budget allocation for climate change efforts in 2023 is set at P453.11 billion, with an additional P889.65 million granted to local government units for climate change adaptation programs and projects through the “People’s Survival Fund.”
Aside from financial support, Marcos emphasized the Philippines’ commitment to low-carbon development. As the third-largest geothermal power producer globally, the country is on track to achieve a 35-percent renewable energy share in the power generation mix by 2023. Marcos mentioned policy reforms that encourage investments in offshore wind and floating solar as part of this transition. He also stressed the importance of protecting the country’s rich biodiversity, highlighting that 50,000 species of flora and fauna, 50 percent of which are endemic, reside in the Philippines.
Marcos assured world leaders that the Philippines is actively implementing climate responses. He stated, “We are intensifying the protection of natural resources to restore natural ecosystems and maximize ecosystem services that will benefit indigenous peoples and local communities.” Despite the immense challenges, the President expressed hope and optimism, stating, “The challenges we face are huge, but so are the reasons to be hopeful.”
Source: The Manila Times
