Marcos: Private sector innovation needed to fight climate change

President Ferdinand Marcos, Jr. | PHOTO: Official Facebook page of PCO

MANILA, Philippines — President Ferdinand Marcos Jr. on Thursday stressed the need to support private sector innovation and generate jobs focusing on “sustainability and resilience” amid the country’s vulnerability to natural disasters and climate change.

He made the pronouncement upon receiving the Asian Development Bank (ADB) Philippines Country Partnership Strategy for 2024 to 2029 at the Malacañan Palace.

Marcos also said the government focuses on renewable energy and climate solutions, and committed to “protecting our planet while fostering growth.”

“This point has become particularly important as today we have been apprised of the unfortunate news that the Philippines once again has the dubious privilege of being the most vulnerable country in the world when it comes to climate change and the effects of climate change,” Marcos added, citing the 2024 edition of the World Risk Index (WRI) report.

According to the 2024 WRI report, the Philippines is the most vulnerable country to extreme natural disasters, conflicts, pandemics, and wars.

Marcos also underscored the need to create jobs and opportunities “with an eye [for] sustainability and with an eye for resilience.”

“We must support private sector innovation,” he said.

“As beautiful as our country is, it is highly vulnerable to climate change, natural hazards which threaten to cause significant damage to our livelihoods and our families,” he added.

He then thanked the ADB for its partnership, noting that its commitment of over $12 billion for the next three years would serve as a tool for the Philippines to enhance social services, infrastructure, and its economy.

“We must turn this generous backing into meaningful outcomes, better social services, improved infrastructure, and a more resilient economy. With this partnership, we have a unique opportunity to redefine what is possible and set a new standard for excellence and inclusivity,” he said.

READ: Marcos vows efficient use of ADB loans, tech aid