MANILA, Philippines — The Philippines has everything to gain by ratifying the Paris Agreement according to Sen. Loren Legarda.

"There is no provision in the Paris Agreement that would prevent our industrialization. We have nothing to lose, but everything to gain with it," Legarda, chair of the Senate Committee on Climate Change, said in a statement.



Legarda said she welcomes the entry into force of the Paris Agreement on Climate Change on November 4 and said she will work on getting the agreement ratified by the Senate. Under the 1987 Constitution, treaties need to be ratified by the Senate after being signed by the executive branch.



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The Paris climate deal aims to limit global warming 'well below' two degrees Celsius above pre-industrial levels and not more than 1.5 degrees Celsius.



Legarda added that the Paris Agreement is very important to the Philippines since it is one of the nations most vulnerable to the impacts of climate change.



"We need to ratify the agreement so that we can access the Green Climate Fund. This is what we have been waiting for--for developed countries that are the biggest emitters of greenhouse gases (GHG) to aid vulnerable, low-emitting nations like the Philippines," Legarda said.



The Green Climate Fund (GCF) is a mechanism developed by the United Nations Framework Convention on Climate Change (UNFCCC) assisting countries in adaption and mitigation methods to counter climate change.



Meanwhile, President Rodrigo Duterte is now open to the climate deal after describing it as "stupid" and "absurd."



"I will follow what my advisers would tell me. If (environment secretary) Gina Lopez would say it’s good, and if the legal adviser says that I should sign, then I will sign," Duterte said in a televised interview.



READ: Duterte now open to Paris climate deal



However, the agreement acknowledges that developing nations like the Philippines will take time to decarbonize and will be able to do so with support from the outside.



This means that the conditional target of reducing the GHG emissions to 70 percent by 2030 will depend on both the efforts and the technical and financial support the nation will receive.



The Philippines was among the most influential countries in crafting the Paris Agreement on Climate Change with 150 countries signing last April.