Marcos asks oil-rich Arab nations for contributions to Loss and Damage Fund

KUALA LUMPUR - Philippine President Ferdinand "Bongbong" Marcos Jr. on Tuesday asked oil-rich Arab countries for contributions to the Loss and Damage Fund.

During the 2nd ASEAN – Gulf Cooperation Council (GCC) Summit, Marcos emphasized that climate change remains ''one of the most defining challenges of our time—not the most defining challenge of our time.''

''Both our regions are climate vulnerable,'' Marcos said.

''Our populations face significant climate-related risks, such as sea level rise, rising temperatures, desertification, and loss of biodiversity, amongst others. As host of the Fund Corresponding to Loss and Damage, or FRLD, the Philippines would like to encourage contributions through that fund,'' he added.

The member states of the GCC include Bahrain, Kuwait, Oman, Qatar, Saudi Arabia, and the United Arab Emirates.

Marcos said the Philippines' hosting of the FRLD would accelerate the unhindered access of developing nations to climate finance.

This shall help in the development and implementation of transformative and science-based strategies and initiatives for climate change adaptation, mitigation, and disaster risk management, Marcos said.

Marcos has made a commitment to push for evidence-based solutions in addressing the impacts of climate change, adding that its unprecedented impact has the potential to disrupt communities and supply chains.

The Philippines was elected host of the Loss and Damage Board in July 2024. The Loss and Damage Fund aims to provide financial assistance to vulnerable countries dealing with the devastating effects of climate change. — VBL, GMA Integrated News