The Senate approved on second reading the landmark Paris Agreement on Climate Change that calls for the reduction of carbon emissions.
Sen. Loren Legarda, the main sponsor of Senate Bill 320, on Wednesday said she is confident the resolution will be passed on third and final reading soon.
"We're going to pass it as long as we have a quorum next week, we're going to pass it on third reading…before adjournment so that on Earth Day, we will have a true celebration," Legarda said.
In 2015, members of the United Nations Framework Convention on Climate Change, including the Philippines, drafted the agreement to limit the increase in the global average temperature to below two degrees Celsius above pre-industrial levels.
The pact was signed by 175 countries in New York in April 2016, and took effect on November 4.
President Rodrigo Duterte signed the agreement after rejecting it earlier.
Once the Senate ratifies the pact, Legarda said the Paris Agreement will compel polluting countries to finance the Green Climate Fund, which will help developing countries like the Philippines to start projects for adaptation and mitigation efforts.
"Once it's completely ratified and we can negotiate on a position of strength having ratified the agreement, this is really a legacy we have for our future generation, for the children of our country," she said.
World Bank Disaster Risk Financing and Insurance Program Head Olivier Mahul highlighted the financial cost of disasters in vulnerable countries.
"Every year on average, $300 billion (are lost) in terms of assets, and if you include well-being impact, it's about $500-billion dollars," Mahul said.
He said if countries are better prepared, they can respond quickly and limit the impact of disasters.
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