President Ferdinand Marcos, Jr. is pushing for a new compensation “agreement” between the countries vulnerable to the effects of climate change like the Philippines with the European Union (EU).
Marcos said the accord will lead to the implementation of the financing from the EU to help countries cope with climate change.
“I have brought it up with the EU and I’ve said that this is an important issue, especially for the Philippines and for many, many other countries. But again, it’s the work that we have ahead of us to be able to come to some kind of agreement as to what damage and loss actually means,” Marcos said in a press conference in the ASEAN-EU Commemorative Summit in Belgium last Wednesday.
Among the issues, which should be ironed out for the compensation scheme is how the climate change related damages will be computed and which countries should pay for it, according to Marcos.
Currently, he noted while the EU is willing to provide aid related to climate change it still lacks the guidelines to enforce it.
“I sense that there is a 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,” Marcos explained.
During the 2022 United Nations Climate Change Conference in Egypt last month, compensation for the poor countries, which are being devastated by climate change, was discussed.
However, most countries were reluctant to contribute to the compensation fund.
“That is why a lot of work has to be done,” Marcos said.
Aside from financial aid, Marcos earlier said he hopes the EU will also facilitate “green technology transfer” to allow more countries to reduce their carbon emissions.
Image credits: AP/Wally Santana