Marcos Jr. eyes Loss and Damage Fund for climate change response

MANILA, Philippines —  The Philippines is eyeing the Loss and Damage Fund to finance some of its projects aimed at mitigating the impact of climate change-induced disasters such as the recent flooding caused by Typhoon Carina and the enhanced southwest monsoon.

The Loss and Damage Fund is a United Nations-initiated endowment meant to assist developing countries affected by climate change.

“It’s really a different kind of thing that we are facing today. It’s not the usual monsoon. It’s not the usual typhoon. It’s another animal,” President Marcos said during a briefing on the effects of Carina and the enhanced southwest monsoon in Rizal on Friday.

“This (excessive rain) is climate change… That’s why we have to find (a) better solution,” he said. “Fortunately, we got the Loss and Damage Board so we can get funding there…”

Several areas, including Metro Manila, have declared a state of calamity due to severe flooding brought by days of heavy rains.

As of yesterday, the National Disaster Risk Reduction and Management Council said 28 people reportedly died, of which 10 were already confirmed and 18 were still up for validation.

Marcos earlier pushed for a flood control master plan to address the perennial flooding in the country.