PH secures a seat in inaugural ‘Loss and Damage Fund Board’

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, according to President Ferdinand R. Marcos Jr.

“I am very gratified to hear the news that the Philippines has secured a membership on Loss and Damage Fund Board for the year 2024 and the year 2026, serving as an alternate for 2025,” President Marcos said in a video message.

With this, President Marcos said that the Philippines has now 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, which is important for the country.

President Marcos said that the government is hoping to host the Loss and Damage Fund here in the Philippines after securing a seat.

“The next step we are hoping to achieve is to host the Fund – Loss and Damage Fund here in the Philippines so that – because after all, we are very much in the mix when it comes to climate change effects,” the President said.

“So, I think this is a good development and we’ll keep working to make sure that the Philippines has a very strong voice when it comes to all the issues of climate change of which we are very severely affected,” he added.

The Philippines will represent the Asia Pacific Group (APG) in the Loss and Damage Fund Board along with the United Arab Emirates (UAE), Kingdom of Saudi Arabia (KSA) and Pakistan in a term-sharing agreement.

Under the arrangement, the Philippines will serve as a full member in 2024 and 2026 and will be an alternate member in 2025.

The board membership provides the Philippines 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 country has been advocating for new and additional resources under the Fund, saying it should be accessible, stable, predictable and adequate.

The Philippines being part of the L&D Fund Board symbolizes its abiding commitment to multilateralism, strengthened international cooperation and global solidarity.

The decision regarding host country shall be decided by the L&D Fund Board. In the country statement conveyed by President Ferdinand R. Marcos Jr. to the United Nations Framework Convention on Climate Change (UNFCCC) Secretariat, he announced the Philippines’ interest in hosting the L&D Fund Board.

The loss and damage fund was a major outcome of COP27 in Egypt last year, which intends to provide financial assistance to support countries, such as the Philippines and other island states, struggling to cope with loss and damage caused by climate change beyond adaptation.

It was a critical first-day breakthrough at this year’s COP28, which finalized the creation of a fund last December 1, 2023.

Developed countries have pledged over US$700 million as its initial capital to address the negative consequences of climate change such as rising sea levels, prolonged heatwaves, desertification, the acidification of the sea and extreme events, such as bushfires, species extinction and crop failures.

When fully constituted, the Loss and Fund Board will be composed of 26 representatives from developed and developing countries.

The latter include groups such as the Asia-Pacific States, African States, Latin American and the Caribbean States, Small Island Developing States, Least Developed Countries and those not included in any of the regional groups and constituencies. P

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