Marcos pushes ‘loss and damage’ fund for climate action

JAKARTA – President Marcos has pushed for a loss and damage fund to support measures aimed at mitigating the impact of climate change, which he described as one of the “complex challenges” confronting the international landscape.

Speaking during the 18th East Asia Summit yesterday, Marcos pointed out that countries with the smallest carbon footprints disproportionately bear the heaviest burden of climate change.

“We need to urgently realize the loss and damage fund to catalyze assistance to address climate change,” the President said.

“Climate financing, complemented by viable and effective technology transfer and country specific capacity-building, is needed to expedite a just transition to a climate-resilient economy,” he added.

Marcos also urged his fellow leaders to back the development of strategic minerals supply and value chains that would strengthen efforts to ensure a resilient and sustainable future for the region.

He also emphasized the need to work together on climate action during the 26th ASEAN Plus Three Summit and the 20th ASEAN-India Summit.

He said global challenges, such as climate change, ocean waste and pollution, shift to clean energy, creation of smart cities, and urban sustainability require the partnership of governments and the private sector to ensure that they are effectively addressed in a sustainable and resilient way.

“Looking ahead, we hope to see more ASEAN-India cooperation in protecting the environment, addressing climate change, and promoting biodiversity through the ASEAN-India Green Fund,” the President said during the regional bloc’s summit with India.