BRUSSELS — President Ferdinand "Bongbong" Marcos Jr. has called on his counterparts and business leaders to create more concrete funding guidelines for cushioning climate change damage and loss.

Speaking at the Association of Southeast Asian Nations-European Union working luncheon with EU leaders and businessmen in Brussels on Tuesday (Belgium time), Marcos urged them to boost their efforts in addressing climate change and provide financial assistance to countries in need like the Philippines.

He said climate action is critical to the Philippines since the country is "regarded as probably one of the most, if not the most, vulnerable countries in the world to the effects of climate change."

"Since that seems to be the case and that is what we are facing in the Philippines, we are very much in need of the assistance of Europe, of all the first world countries and to be able to adjust our economy, our communities to the onset of the effects of climate change," he said.

Marcos has observed "all the progress" in the Conference of Parties and views with "some optimism" that "the concept of damage and loss has now been accepted by all parties involved."

After immense negotiations, countries at the 27th session of the Conference of the Parties to the United Nations Framework Convention on Climate Change reached deals on an outcome that created a funding mechanism to compensate vulnerable nations for "loss and damage" from climate-related disasters.

"However, this still brings us to a very difficult and fundamental question, when you speak of damage and loss, how do we quantify that damage and loss? What are the rules that we apply? When does it begin?" he asked.

Even if countries succeeded in quantifying the damage and loss, in terms of dollars and terms of other measures, Marcos said, "we still cannot, we still have not come to the conclusion as to what we do with that number."

"And so we really would like to see much more progress in terms of that, the financing, with the mitigation and the adjustment of our countries who are at great risk to the effects of climate change," he said.

The COP serves as the decision-making body responsible for monitoring and reviewing the UNFCCC implementation.

Climate change is among the priorities of the Marcos administration, calling it the "greatest threat that is affecting nations and people."

Collaboration

Meanwhile, at the 10th ASEAN-EU Business Summit, Marcos expressed hope that the collaboration between the government and private groups would accelerate the world's post-pandemic recovery and mitigate geopolitical tensions.

In his speech, Marcos recognized the ASEAN-EU Business Council for its continued support of the Southeast Asian nations, from the sectoral bodies up to the Leaders forum and at that level.

The platform, he said, paves the way for the much-needed dialogue between the EU and ASEAN, following the gradual reopening of borders with the easing of the Covid-19 pandemic.

Marcos acknowledged the pivotal role the EU-ASEAN Business Council plays in advancing ASEAN's regional economic integration and post-pandemic economic recovery efforts like the ASEAN-EU Trade and Investment Work Programme.

The program, according to ASEAN, seeks to "enhance economic cooperation in addressing emerging challenges and opportunities for trade and investment between ASEAN and the EU."

Marcos is optimistic that the discussions undertaken during the summit will not only bring new impetus for both sides to bolster sustainable trade and investment but will also provide ways to fast-track the implementation of the EU's strategy.

He added that ASEAN has increased its presence on the global stage through its efforts on regional economic integration and supply chain resilience.

"The entry into force of the Regional Comprehensive Economic Partnership or RCEP, the ongoing review of existing trade agreements, and ASEAN's initiatives to facilitate the trade of essential goods demonstrates the region's push to maintain an open, free, and fair trade," he said.

He added: "Moreover, with the participation of ASEAN members in mega trade deals such as RCEP and Comprehensive and Progressive Agreement for Trans-Pacific Partnership, ASEAN is well-positioned to accelerate intra-regional trade and growth."

Recognizing the historical importance of the EU as a trade and investment partner to ASEAN, he urged his fellow leaders and business representatives to continue to strengthen trade and investment endeavors between the two blocs.

"Thus, while the ASEAN-EU FTA (Free Trade Agreement) remains a common long-term objective, economic cooperation initiatives will be prioritized on areas of mutual interest in order to bridge the gap and realize this long-term objective," he said.