NextGen Day

Tuesday (Brussels time), President Ferdinand R. Marcos Jr. urged “greater progress” in the commitment of wealthy nations to establish a “loss and damage” fund to aid poorer countries that have been adversely hit by climate change.

This statement was made by Marcos at an ASEAN-EU working luncheon with EU officials and businessmen in Brussels, Belgium.

In his speech, the President noted that nearly 200 nations had agreed to establish a funding mechanism to compensate vulnerable countries for “loss and damage” from climate-related disasters at the 27th Conference of the Parties (COP 27) of the United Nations Framework Convention on Climate Change (UNFCCC).

The fact that “the concept of damage and loss has now been accepted by all parties concerned,” according to Marcos, gives him “some optimism.”

He added that there are still some outstanding funding-related questions.

“This still takes us to a very fundamental and challenging question: how can we measure damage and loss when we speak about them? What guidelines do we follow? “When does it start?” he questioned.

“We really would like to see much more progress in that area, with the financing, with the mitigation, and with the adaptation of our nations, which are very vulnerable to the effects of climate change,”

As “certainly one of the most, if not the most, vulnerable countries in the world to the effects of climate change,” Marcos noted that the Philippines is particularly in need of climate action.

In order to adapt our economy and communities to the commencement of the effects of climate change, he added, “We are very much in need of the assistance of Europe, of all the first world countries, since that seems to be the fact and that is what we are confronting in the Philippines.”

The COP acts as the body that makes decisions regarding the supervision and evaluation of UNFCCC implementation.

Charles Michel, the president of the European Council, concurred with Marcos that the damage and loss policy and the green fund on climate change needed to be operationalized.

Michel told Marcos during their conversation outside of the ASEAN-EU Commemorative Summit, “We couldn’t agree with you more.”

He declared that the EU is prepared to collaborate with the Philippines and ASEAN on climate change, especially with regard to the transfer of green technology, which entails enhancing climate change resilience and lowering greenhouse gas emissions.

Prioritizing renewable energy options including hydropower, geothermal power, solar energy, and other low-emission energy sources, according to Marcos previously, is the Philippines’ policy.

The UNFCCC’s financial system has the Green Climate Fund listed as one of its working entities.

By helping poor nations cut their greenhouse gas emissions while also adapting to the effects of climate change, it seeks to promote the paradigm shift toward low-emission and climate-resilient development.

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