The Philippines has secured a seat in the inaugural Loss and Damage Fund Board at the 28th United Nations Climate Change Conference (COP28) in Dubai.
The President, in a video message, said the next step is to secure the Philippines’ hosting of the Loss and Damage Fund.
“I am very gratified to hear the news that the Philippines has secured a membership on Damage and Loss Board for the year 2024 and 2026, serving as an alternate for 2025,” Marcos said.
This gives the Philippines a “voice” in the management of all funding that is available around the world to mitigate and to adapt to the effects of climate change, he added.
Environment Secretary Maria Antonia Yulo-Loyzaga, in a briefing, said the Philippines will represent the Asia Pacific Group in the Loss and Damage Fund Board along with the United Arab Emirates, Saudi Arabia and Pakistan — in a term-sharing agreement. It will be composed of 26 countries.
This means the Philippines, which has been advocating for additional resources under the Fund, will serve as a full member of the board during the inaugural year 2024 and 2026 and will be an alternate member in 2025, she added.
She said the Philippines has submitted the name of former finance undersecretary Mark Joven to represent the Philippines in the board.
The board membership provides the country another platform to shape climate solutions that are country-driven and anchored in equity and common but differentiated responsibilities and respective capabilities of countries.
The Philippines has been advocating for new and additional resources under the Fund and to ensure that it is accessible, stable, predictable and adequate.
Yulo-Loyzaga said an initial $792 million capitalization has been pledged by developed countries for the fund.
Still, this is not enough as some countries are starting to lose land due to climate change and are looking at other nations to host their citizens, she said.
The loss and damage fund, which was a major outcome of COP27 in Egypt last year, will be used to provide financial assistance to support countries that are most vulnerable, have suffered and are trying to cope with loss and damage caused by climate change.
It will also be used to address the negative consequences of climate change, such as rising sea levels, prolonged heat waves, desertification, acidification of the sea and extreme events, such as bushfires, species extinction and crop failures.
The hosting of the board will keep the Philippines on the “spotlight” for climate change-vulnerable countries, she added.
Yulo-Loyazga said the hosting of the board will include the granting of certain privileges and immunities that are similar to what have been granted to the Asian Development Bank, World Health Organization regional offices and other UN offices in the country.– Jocelyn Montemayor
