Marcos to ASEAN: Create ‘loss and damage fund’ for climate change response

Metro Manila (CNN Philippines, September 7) — President Ferdinand Marcos Jr. has proposed to the Association of Southeast Asian Nations (ASEAN) the urgent creation of a “loss and damage fund” for climate change response.

The fund aims to provide financial assistance to countries most at risk and affected by climate change.

“We need to urgently realize the loss and damage fund to catalyze assistance to address climate change,” Marcos said at the 18th East Asia Summit in Jakarta, Indonesia on Thursday.

He also pointed out that the burden of climate change is “disproportionately” greatest in countries with the lowest carbon footprints.

According to Marcos, climate financing, complemented with technology and country-specific capacity-building, is required to hasten a just transition to a climate-resilient economy.

“We seek your support towards the development of our strategic minerals supply and value chains, which would boost our efforts in ensuring a resilient and sustainable future for our region,” Marcos told ASEAN leaders.