President Marcos has reiterated his call for the Philippines to host the Loss and Damage Fund, stressing that it would symbolize inclusivity given the country's vulnerability to climate change impacts.

In the country statement delivered by Environment Secretary Ma. Antonia Yulo-Loyzaga during the 28th Conference of the Parties (COP28) in Dubai, Marcos said the Philippines is willing to host the Board of the fund “and to confer to such Board the legal personality and legal capacity as necessary for the discharge of its roles and functions.”

“Doing so will serve as a poignant reminder of the pressing need to address the disproportionate impacts faced by developing nations. It would symbolize a commitment to inclusivity, ensuring that the voices and experiences of the most affected countries are heard and considered in shaping global climate policies,” Marcos said.

The President further said that the Philippines is qualified to host the Fund as it stands at the forefront of those directly affected by climate devastation and advocates an inclusive, transparent and accountable approach in addressing the climate crisis.

He also stated that the Philippines “advocates an inclusive, transparent, and accountable approach in addressing climate change and its repercussions” reiterating the Philippines’ commitment to the G77 and China, and strong support to Cuba’s chairmanship.

According to Loyzaga, the country’s hosting of the Loss and Damage Fund is similar to the country’s hosting of the Asian Development Bank for over 50 years and the regional headquarters of World Bank since the 1970s.

She added that the Philippines is also vying for a seat in the Loss and Damage Fund Board.

Marcos also urged the formulation of a New Collective Quantified Goal on Climate Finance “reflective of evolving needs and priorities of the most vulnerable nations. This must encompass sub-goals aligned with the public sector, ensuring predictability in funding amounts and timelines.”

“We must now acknowledge that we are off-track, and immediately operationalize the means of implementation of the Paris Agreement by mobilizing and scaling up climate finance for mitigation, adaptation, and loss and damage,” he said.

The Chief Executive also called on developed countries to roll out intensified support in terms of finance, technology transfer, and capacity building for developing countries in the form of specific programs aimed at emission reduction and avoidance.

“We further call for substantial support for National Adaptation Plans and the Global Goal on Adaptation, emphasizing the necessity for a clear framework and targets to be defined and adopted,” Marcos stated.

“The Philippines stresses the need for a universally agreed-upon definition and framework for Just Transition within the Paris Agreement to avoid ambiguity and ensure unified implementation,” he added.

Marcos reiterated the urgency for climate finance to flow from developed to developing countries “in blended but principally grants-based approach that is accessible, transparent, predictable, and efficient, while not burdening already vulnerable nations.”