Nations urged: Build up climate damage fund
President Ferdinand Marcos Jr. on Saturday called on global leaders to help sustain the Loss and Damage Fund, which is meant to mitigate the damage inflicted on nations prone to national disasters.
“We call on the international community to stand with us, to help sustain this fund, and to fulfill its promises. The collective will of nations must rise higher than the seas, burn brighter than a warming world, and move faster than the storms that endanger us,’’ the President said in a message delivered by Environment Secretary Raphael Lotilla during the sixth meeting of the Fund for Responding to Loss and Damage (FRLD) Board in Lapu-Lapu City,
Marcos said the $250 million allocation for 2025-2026 was a “crucial step forward”. However, Marcos said that the fund must be “fair, future-ready, and responsive to those who need help.”
‘’What’s at stake here demands urgency and action. Let us not lose sight of what led us to fight for the establishment of the fund. When it comes to addressing loss and damage, business as usual is not an option. Every delay means more families without shelter, more livelihoods disrupted, and, worse, more lives lost. The cost of inaction is far too high,’’ Marcos said.
Marcos noted that the fund must be “swift, accessible, and human-centered, attuned to the needs of vulnerable countries and communities.”
Polluters must pay
The Philippines hosts the board of the FRLD, which became operational in 2023 at the COP28 UN Climate Change Conference.
According to the World Bank, the climate fund has received $348 million out of a total of $789 million in pledges.
Among the nations that have contributed to the fund are Australia, Canada, Germany, Norway, the United Kingdom, Spain, the Netherlands and the United States.
Meanwhile, environmental group Greenpeace stated that those most responsible for contributing to climate change, often referred to as “climate polluters,” should be held accountable for covering loss and damage.
In a statement, Greenpeace Philippines urged Marcos to hold fossil fuel companies and wealthy nations accountable by demanding compensation for climate-related loss and damage.
The group also sought an end to oil and gas expansion, supported a complete phaseout of fossil fuels, a fast-tracked passage of the Climate Accountability Bill, and legal action against major oil and gas corporations to account for the climate impacts suffered by the Filipino people.
