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PBBM: How economies respond to environmental challenges determines planet’s fate

November 18, 2022 Ryan Ponce Pacpaco 237 views

PRESIDENT Ferdinand R. Marcos Jr. on Friday said how economies respond to the environmental challenges brought about by globalization is critical in “determining the fate of the planet.”

Marcos made this assertion during his intervention at the 29th Asia Pacific Economic Cooperation (APEC) Economic Leaders’ Meeting (AELM) Retreat Session in Thailand.

“How economies respond is critical in determining the fate of the planet we live on and will pass on to our future generations,” Marcos told world leaders.

To ensure inclusive and sustainable growth amid an apparent downturn of the world economy and risks of recessions, President Marcos asked his counterparts in APEC to work together towards achieving economic and social stability, which is aligned with the APEC Putrajaya Vision 2040, which seeks an open, dynamic, resilient and peaceful Asia-Pacific community by 2040.

“The world currently faces the greatest environmental challenges of all time –– that it continues to pose threats to the planet, and that is one existential element that we all have to deal with.

Indeed, the increased interconnectedness and interdependence of peoples and economies brought about by globalization has led to the progressive world we live in today,” Marcos pointed out.

The effects of globalization on the environment have become more acute and it needs strong, immediate and coordinated international action, Marcos stressed.

The Philippines, he said, is committed to advancing cooperative solutions to address the climate crisis through various previously agreed international agreements.

According to the chief executive, global agreements aiming to address environmental issues, particularly climate change, are already in force, including the UN Framework Convention on Climate Change and the Paris Agreement.

Various multilateral and bilateral environmental agreements aiming to protect the environment have also been ratified, Marcos added.

“As one of the economies at greatest risk from the climate crisis, the Philippines is committed to advancing these cooperative solutions,” he said.