Emphasizing the shared climate vulnerabilities between Southeast Asia and the Gulf region, President Ferdinand “Bongbong” Marcos Jr. called on oil-rich Arab nations to contribute to the Loss and Damage Fund, aimed to assist vulnerable countries in coping with the devastating effects of climate change.
Speaking at the 2nd ASEAN-Gulf Cooperation Council (GCC), Marcos said these effects include rising sea levels, increasing temperatures, desertification, and biodiversity loss. The GCC is composed of Bahrain, Kuwait, Oman, Qatar, Saudi Arabia, and the United Arab Emirates.
“As host of the Fund Corresponding to Loss and Damage. Or FRLD, the Philippines would like to encourage contributions through that fund,” Marcos stated.
He highlighted that the Philippines hosting the FRLD would expedite the access of developing nations to climate finance, facilitating the development and implementation of science-based strategies for climate change and disaster risk management.
Meanwhile, developed nations have pledged over $700 million as initial capital for the fund, which will be operationalized by the World Bank for four years.The said fund was established to offer financial support to countries most affected by adverse effects of climate change.
The Philippines was elected to host the Loss and Damage Fund Board in July 2024, and as the country takes on this pivotal role, it underscores its commitment to addressing “one of the most defining challenges of our time—not the most defining challenge of our time.”
Environmental groups such as Greenpeace Philippines with almost 400,000 followers on Facebook, have expressed support for the country’s hosting for the fund, as this opens more opportunities for the country to implement robust climate policies and hold major polluters accountable.
