Mr. President:
I would like to associate myself with the speech of the Sponsor, Senator Marcos, and request that this representation be made Co-Author and Co-Sponsor of Senate Bill No. 2780.
Human security and climate security go hand-in-hand. The goal of every legislation that we pass is to ensure a better life for current and future generations, and this should mean leaving a better, more livable world for them. The Scripture tells us that we are stewards of God’s creation. Unfortunately, as the data would show, humans fall short in fulfilling this duty. In fact, out of all the extreme weather events studied in the last 20 years, 68% were caused or made more severe by humans.[1]
To put things into perspective and remind everyone of the urgency of addressing climate change: there is more carbon dioxide in our atmosphere now than at any time in the history of humankind, Mr. President. According to experts, the last time that the atmosphere contained this much carbon dioxide was more than three million years ago. This was when trees still grew at the South Pole.[2] Thus, we need to double our efforts and act with dispatch in responding to the challenges of climate change.
The World Bank’s Country Climate and Development Report on the Philippines shows that climate change poses major risks to our development. Our annual losses from typhoons alone represent 1.2% of our Gross Domestic Product. From 2012 to 2023, typhoon-related losses and damage reached P742 billion or approximately P67 billion per year. If nothing is done to address climate change, we will suffer substantial economic and human costs, reducing GDP by as much as 13.6% by 2040.[3]
“Loss and Damage” refers to the negative effects of climate change that occur despite mitigation and adaptation efforts. During the 2023 Annual Meeting of the World Economic Forum at Davos, it was highlighted that 3.6 billion people worldwide are dangerously exposed and vulnerable to the impacts of climate change. Countries do not have equal footing in terms of the impacts that will be felt, but no country and no economy is immune from the climate crisis.[4] The irreversible and unavoidable nature of the effects of climate change led the Philippines and other vulnerable developing countries to establish the Loss and Damage Fund in November 2022. This is a new, additional, predictable, and adequate source of financing to assist developing countries that are vulnerable to the adverse effects of climate change.
In light of our inherent vulnerability to climate change, it is an honor for the Philippines to host the Loss and Damage Fund Board, the governing and decision-making body of the Fund. This will serve as a testament to our commitment to climate responsibility and justice. As stated by President in his 2024 SONA, “This shall complement all our climate adaptation and mitigation measures and give us a strong voice to access the needed financial assistance for climate-related initiatives and impacts.”
We thank Senator Marcos for all her efforts on this important measure.
Thank you, Mr. President, and may God bless us all.
