BBM: Phl seeks to host climate disaster fund

DUBAI – The Philippines intends to host the more than $400-million fund that several countries have committed as compensation for nations bedeviled by extreme weather conditions caused by climate change.

- HELEN FLORES

President Marcos voiced his administration’s intention for the country to host the “Loss and Damage Fund” in a speech delivered for him by Special Assistant to the President Antonio Lagdameo Jr. at the opening of the Philippine Pavilion, themed “Together Today for Tomorrow,” at the Dubai Exhibition Center Friday afternoon (Dubai time).

The event was part of the United Nations Framework Convention on Climate Change (COP28), which runs until Dec.12.

“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 said.

The Philippines has yet to officially bring up its intention before COP28.

In his message, President Marcos also called on world leaders to ensure prompt implementation of the “Loss and Damage Fund” to help nations cope with the effects of climate change.

“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.

The President cancelled his attendance at COP28, citing “important developments” in the case of 17 Filipino seafarers held hostage by Yemen’s Iran-backed Houthi militants in the Red Sea.

Developed countries, led by the US, want the fund to be based in the World Bank, but developing nations said this would make it hard for them to tap into the funding.