Dubai – At the 28th Conference of the Parties (COP28) of the United Nations Framework Convention on Climate Change, President Ferdinand R. Marcos Jr. called for urgent action on climate finance, emphasizing its critical role in aiding developing countries to adapt to the severe impacts of climate change. This emphasis was conveyed through the country statement delivered by Environment Secretary Ma. Antonia Yulo-Loyzaga.
According to Philippines News Agency, President Marcos highlighted the need for climate finance from developed to developing countries, advocating for a blend of grants-based approaches that are accessible, transparent, predictable, and efficient, without imposing additional burdens on vulnerable nations.
Marcos also stressed the importance of establishing a New Collective Quantified Goal (NCQG) on Climate Finance, which should reflect the evolving needs and priorities of the most vulnerable nations. He insisted that the NCQG include sub-goals aligned with the public sector to ensure predictability in funding amounts and timelines. Furthermore, he called for developed countries to intensify support for financing, technology transfer, and capacity-building in developing countries, including specific programs for emission reduction and avoidance.
The President emphasized the need for substantial support for National Adaptation Plans and the Global Goal on Adaptation, calling for a clear framework and targets. Marcos pointed out that current efforts are off-track and urged immediate operationalization of the Paris Agreement's means of implementation by mobilizing and scaling up climate finance for mitigation, adaptation, and loss and damage.
In addition, President Marcos advocated for a universally agreed-upon definition and framework for Just Transition within the Paris Agreement to eliminate ambiguity and ensure unified implementation. He also reiterated the Philippines' bid to host the Loss and Damage Fund, citing the country's qualifications based on its direct experience with climate devastation and commitment to an inclusive, transparent, and accountable approach in addressing the climate crisis. The Philippines' potential role in hosting the Fund is likened to its long-standing hosting of the Asian Development Bank and the regional headquarters of the World Bank.
Marcos added that the Philippines is willing to host the Board of the fund, granting it the necessary legal personality and capacity for its functions. He emphasized that this would serve as a reminder of the need to address the disproportionate impacts faced by developing nations and symbolize a commitment to inclusivity. The Philippines is also seeking a seat on the Loss and Damage Fund Board. Finally, Marcos reiterated the country's commitment to the G77 and China, supporting Cuba's chairmanship, and emphasized the importance of COP28 outcomes in enhancing climate actions and international cooperation based on equity and climate justice.