President Marcos on Saturday urged global leaders to activate the “Loss and Damage Fund” swiftly during a climate change summit in the United Arab Emirates, seeking support for the Philippines’ bid to host the fund.
During the opening of the United Nations Framework Convention on Climate Change (COP28) Philippine Pavilion in Dubai, President Marcos, represented by Special Assistant to the President Antonio Ernesto Lagdameo Jr., sought support for the Philippines’ bid to host the fund.
Mr. Marcos stressed the fund’s role in aiding nations dealing with climate impacts and called for collaboration from various sectors.
“The Philippines’ call for the immediate operationalization of this Fund to assist developing and vulnerable countries to respond todroughts, floods, and rising sea levels exacerbated by climate change,” President Marcos said.
“We urge partners from the private sector, civil society, partner countries and governments, and developing funding institutions tosupport the Philippines in this bid. You have been there formeaningful collaboration with our government to tackle the climatecrises,” he added.
The Loss and Damage Fund is designed to cover the costs of recovering from climate impacts such as droughts, floods, and rising sea levels.
Highlighting the urgent need for climate action, President Marcos emphasized the Philippines’ commitment to addressing climate challenges which he outlined national priorities, allocating significant funds for climate adaptation and mitigation, with PhP453.11 billion earmarked for 2023.
President Marcos also detailed the P889.65 million allocation for local climate projects, aiming for a 35% renewable energy share by 2023.
He underscored the importance of preserving biodiversity and expressed gratitude for PhP164.17 billion in Official Development Assistance, thanking partners for support in climate plans.
Despite monumental challenges, President Marcos expressed hope in global progress, urging everyone to draw inspiration from the achievements in the ongoing fight against climate change.