Marcos: PH as host of climate disaster fund to symbolize 'inclusivity'

President Ferdinand “Bongbong” Marcos Jr. said that allowing the Philippines to host the climate disaster fund known as "Loss and Damage Fund" would symbolize inclusivity.

The President said this will also ensure that the needs of the countries most affected by climate change would be addressed. 

"It would symbolize a commitment to inclusivity, ensuring that the voices and experiences of the most affected countries are heard and considered in shaping global climate policies,” Marcos said in a statement read by Environment Secretary Maria Antonia Yulo-Loyazaga during the 28th Conference of the Parties (COP28) in Dubai.

Marcos also reiterated the country's willingness to host the Board of the Fund “and to confer to such Board the legal personality and legal capacity as necessary for the discharge of its roles and functions.” 

The country, according to Marcos, is qualified to host the Fund as it “stands at the forefront of those directly affected by climate devastation and advocates an inclusive, transparent and accountable approach to address the climate crisis.” 

He also said that the Philippines “advocates an inclusive, transparent, and accountable approach in addressing climate change and its repercussions.”

Loyzaga, meanwhile, said that the Philippines is also vying for a seat in the Loss and Damage Fund Board.

Marcos earlier called for the “immediate operationalization” of the Fund ‘to assist developing and vulnerable countries to respond to droughts, floods, and rising sea levels exacerbated by climate change.”

The United Nations climate summit delegates adopted this new fund to help poor nations cope with costly climate disasters.

Marcos said it is imperative for COP28 to ensure that the outcomes of the Global Stocktake will sufficiently inform parties in enhancing climate actions and international cooperation based on equity and climate justice. 

He also called for the formulation of a New Collective Quantified Goal on Climate Finance that is “reflective of evolving needs and priorities of the most vulnerable nations.” 

“This must encompass sub-goals aligned with the public sector, ensuring predictability in funding amounts and timelines,” he said. 

Marcos further urged developed countries to show more support in terms of finance, technology transfer, and capacity building for developing countries in the form of specific programs aimed at emission reduction and avoidance. 

“We further call for substantial support for National Adaptation Plans and the Global Goal on Adaptation, emphasizing the necessity for a clear framework and targets to be defined and adopted,” he said. 

“The Philippines stresses the need for a universally agreed-upon definition and framework for Just Transition within the Paris Agreement to avoid ambiguity and ensure unified implementation,” Marcos said. —Giselle Ombay/ VAL, GMA Integrated News