PHL pushes for operationalization of Loss and Damage Fund to help vulnerable countries affected by climate change

(Eagle News)–President Bongbong Marcos made a push for the operationalization of the Loss and Damage Fund in a bid to support developing and vulnerable countries from the impact of climate change.

The President made the call on the world stage through a message delivered by Special Assistant to the President Antonio Ernesto Lagdameo Jr. during the opening of the United Nations Framework Convention on Climate Change (COP 28) on Friday in Dubai.

In pushing for the operationalization of the fund, the chief executive highlighted the urgency to confront the impact of climate change citing reports from the Intergovernmental Panel for Climate Change that it will severely affect poor and vulnerable communities.

“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 said.

The Philippines, for its part, he said, has translated into action transformative solutions to curb the impact of climate change and address pollution and biodiversity.

He said the Philippine Development Plan, in particular, “sealed the national development priorities on accelerating climate action and establishing sustainable and livable cities.”

He added the Philippines has also allotted P453.11 billion for climate change adaptation and mitigation for 2023, while P889.65 million were granted to local government units for climate change adaptation programs under the People’s Survival Fund.

“We are on track towards achieving a 35 percent renewable energy share in the power generation mix by 2023 through policy reforms that allow more investors for offshore wind and floating solar. We need to protect our forests, our oceans, and our biodiversity,” the President said.

“We urge partners from the private sector, civil society, partner countries and governments and developing funding institutions to support the Philippines in this bid. You have been there for meaningful collaboration with our government to tackle the climate crisis,” he said.