President Ferdinand R. Marcos Jr. called on world leaders on Friday for the prompt operationalization of the “Loss and Damage Fund” in a bid to support developing and vulnerable countries from the impact of the climate crisis as he asked support for the Philippines’ bid to host the fund.

In his speech delivered by Special Assistant to the President Antonio Ernesto Lagdameo Jr., Marcos said that the Philippines is pushing for just transition, and loss and damage financing as he emphasized that “the Philippines will announce its intent to host the Loss and Damage Fund.”

“The Philippines’ call for the immediate operationalization of this Fund to assist developing and vulnerable countries to respond to droughts, floods, and rising sea levels exacerbated by climate change,” Marcos 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 crises,” he added.

Marcos made the remarks during the opening of the United Nations Framework Convention on Climate Change (COP28) Philippine Pavilion themed “Together Today for Tomorrow” on Friday afternoon, Dubai time.

Loss and Damage Fund refers to the costs of recovering from climate impact.

Marcos said that the Philippines has always been at the forefront of climate issues.

The President added that the government has allotted P453.11 billion for climate change adaptation and mitigation for 2023 while P889.65 million has been granted to local government units for climate change adaptation programs and projects under the “People’s Survival Fund.”

Aside from ensuring sufficient funds for climate change mitigation efforts, Marcos said that the Philippines, which remains to be the third largest geothermal power producer next to the US and Indonesia, is heading for low-carbon development.

He also thanked the Asian Development Bank and the British Government for their support in the completion of the Philippines’ “National Adaptation Plan” and the “Nationally Determined Contribution Implementation Plan.”

“The challenges we face are huge, but so are the reasons to be hopeful,” the President said.

President Marcos said that the Philippines will continue to rally everyone to draw inspiration from “these signs of progress” that everyone in the world has achieved. Presidential News Desk