by Raymund Antonio, MB
President Ferdinand “Bongbong” Marcos Jr. raised a question to the European Union (EU) amid discussions on the loss and damage compensation because of climate change: “Who do we go to? Who pays the bulk of it?”
During a press conference at the Association of Southeast Asian Nations-European Union (ASEAN-EU) summit in Brussels, Belgium, the Chief Executive mused about who would shoulder the loss and damage fund in relation to climate financing.
Despite EU being at the “forefront” of the proposal to compensate developing countries for the damages caused by climate change, the President noted the difficulties of determining the actual amount of compensation needed, as well as process to acquire this compensation.
“And however, the issue of damage and loss is still — although it is a big step forward that we all now accept both developing and developed countries, now accept the concept of damage and loss, the actual number is very, very hard to determine,” he told journalists.
“And beyond that, even if we are able to quantify the damage and loss, it says $100 million whatever the number is, what do we do with that number? Who do we go to? Who do we — who pays the bulk of it?,” Marcos asked.
He also raised issues on “how will the compensation for that damage and loss be made.”
“And on my part, I think until we are able to determine that, I think we should think of what we can do in the future, and that I think has great potential to be put into effect in the short term, rather than in the very long term,” the President said.
The concept of climate financing and loss and damage fund was launched in November 2022 during the 27th session of the Conference of the Parties (COP 27) to the United Nations Framework Convention on Climate Change (UNFCCC) climate summit in Egypt when the EU agreed to help poor countries mitigate the impacts of climate change.
Loss and damage refers to the ravages of extreme weather on the physical and social infrastructure of poor countries, and the finance needed for rescue and reconstruction after climate-related disasters.
Rich countries such as the United States and China both objected to the fund. The two countries are also the top emitters of carbon dioxide.
Marcos, however, noted the “willingness for the developed countries to participate and to help in mitigation, to help in adaptation for those countries like the Philippines, most of the countries around ASEAN that are very vulnerable.”
“There’s a willingness to help but how to provide that help is still a question that we cannot definitively answer,” he said, adding that “a lot of work” needs to be done since this is an “important issue” for the Philippines and many other countries.
Marcos’ remarks came after he asked EU to extend assistance to the Philippines in mitigating the harsh effects of climate change.
“Climate action is particularly important to the Philippines,” the President said, especially 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 added.
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