COP28

At COP28, Philippines amplifies bid to host world’s climate disaster fund

Dwight de Leon

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At COP28, Philippines amplifies bid to host world’s climate disaster fund

COP28. People walk at Expo City Dubai during the United Nations Climate Change Conference in Dubai, United Arab Emirates, December 4, 2023.

Amr Alfiky/Reuters

In a country statement, the Philippines asserts that it is qualified to host the so-called loss and damage fund, given that it is among the countries most affected by climate devastation

MANILA, Philippines – The Philippine government expressed its intention to be the host of a global fund that would help poor countries deal with the adverse impacts of climate change. 

At COP28, Philippines amplifies bid to host world’s climate disaster fund

A press release from the Presidential Communications Office on Tuesday, December 5, said that in a country statement at the 28th United Nations Climate Change Conference, the Philippines asserted that it is qualified to host the fund, given that it is among the countries most vulnerable to climate devastation. 

“Doing so will serve as a poignant reminder of the pressing need to address the disproportionate impacts faced by developing nations. 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,” President Ferdinand Marcos Jr. said in a speech delivered by Environment Secretary Maria Antonia Yulo-Loyzaga.

Marcos was supposed to attend the summit but canceled at the last minute, citing developments in the hostage situation involving 17 Filipino seafarers in the Red Sea.

Loyzaga added that the Philippines is eyeing a seat in the Loss and Damage Fund Board. 

It was during COP27 in 2022 when countries reached a breakthrough agreement in establishing a loss and damage fund. This year, delegates adopted the new fund, allowing governments to announce contributions.

So far, a total of $720 million in pledges have been made for the loss and damage fund, coming from the European Union and countries such as the United Arab Emirates, Germany, Britain, United States, Japan, and Italy.

Developing nations say the fund should rake in $100 billion by 2030, but wealthier countries raise the need for private financing as well.

Developed countries contribute three-fourths of the world’s global greenhouse emissions, yet developing countries grapple the most with the consequences of climate change. – with reports from Reuters/Rappler.com

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Dwight de Leon

Dwight de Leon is a multimedia reporter who covers President Ferdinand Marcos Jr., the Malacañang, and the Commission on Elections for Rappler.