The Philippines will push for additional financing for the Loss and Damage Fund as it hosts the first meeting of the Loss and Damage Board in December.
Secretary Maria Antonia Yulo-Loyzaga of the Department of Environment and Natural Resources (DENR) yesterday said at present the fund has around $700 million wbut it would go most to the setting up and operations of the board
Yulo-Loyzaga cited the need to find other sources of funding which would used to assist nations that are severely affected by climate change.
Loyzaga said a host country agreement is set to be signed between the United Nations Framework Convention on Climate change and the Philippines prior to the meeting.
“In December, there will be a meeting here of the Loss and Damage Fund Board — we will host that and we hope there will be certain agreements reached,” she said.
The Philippines secured in December 2023 a seat on the board of the Loss and Damage Fund,
In July, the Philippines was selected to host the board which was followed by the enactment of the Republic Act 12019 or the Loss and Damage Fund with the full capacity to contract, acquire and dispose of properties; institute legal proceedings; and negotiate, conclude and enter into hosting arrangement with the World Bank.
