Tuesday, March 5, 2024

PBBM Calls For Immediate Climate Finance Action

PBBM Calls For Immediate Climate Finance Action

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President Ferdinand R. Marcos Jr. has emphasized the importance of scaling up financing to help developing countries adapt to the extreme impacts of climate change, Malacañang said on Tuesday.

Marcos made the call for immediate climate finance action in the country statement delivered by Environment Secretary Ma. Antonia Yulo-Loyzaga during the 28th Conference of the Parties (COP28) of the United Nations Framework Convention on Climate Change in Dubai.

“The President reiterated the urgency for climate finance to flow from developed to developing countries ‘in blended but principally grants-based approach that is accessible, transparent, predictable, and efficient, while not burdening already vulnerable nations,’” Presidential Communications Office (PCO) Secretary Cheloy Garafil said in a statement.

Marcos also underscored the need to establish a New Collective Quantified Goal (NCQG) on Climate Finance, which is “reflective of evolving needs and priorities of the most vulnerable nations.”

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

Marcos also called on developed countries to roll out intensified support for financing, technology transfer and capacity-building for developing countries in the form of specific programs for 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 in the country statement, as quoted by the PCO.

“We must now acknowledge that we are off-track, and immediately operationalize the means of implementation of the Paris Agreement by mobilizing and scaling up climate finance for mitigation, adaption, and loss and damage,” Marcos added.

Marcos also cited the importance of having a “universally agreed-upon definition and framework for Just Transition within the Paris Agreement to avoid ambiguity and ensure unified implementation.”


‘Qualified’ host

Marcos also reiterated the Philippines’ bid to host the “Loss and Damage Fund,” saying the country would help the most affected nations in addressing the effects of climate change.

Loyzaga, in a separate statement, said the country’s hosting of the Loss and Damage Fund would be similar to the country’s hosting of the Asian Development Bank for over 50 years and the regional headquarters of World Bank since the 1970s.

Marcos said the Philippines is qualified to host the Fund, as the country stands at the forefront of those directly affected by climate devastation, as well as pushes for an “inclusive, transparent and accountable” approach in addressing climate crisis.

He added the Philippines is willing to host the Board of the fund and “confer to such Board the legal personality and legal capacity as necessary for the discharge of its roles and functions.”

“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,” Marcos said.

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

Marcos said the Philippines seeks an” inclusive, transparent, and accountable approach in addressing climate change and its repercussions,” reiterating the country’s commitment to the G77 and China, and strong support to Cuba’s chairmanship.

He 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. (PNA)