climate change

Philippines to host Loss and Damage Fund board

Iya Gozum

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Philippines to host Loss and Damage Fund board

Residents living near the seawall of Baseco Compound in Tondo, Manila, are experiencing strong winds and waves, as Metro Manila is placed under Signal 1 due to Typhoon Egay.

Rappler

(1st UPDATE) The World Bank will operationalize under an independent secretariat for an interim period the fund which aims to help vulnerable nations deal with the adverse effects of climate change

MANILA, Philippines – The Philippines was selected Tuesday, July 9, to host the board of the Loss and Damage Fund, the global fund that will help vulnerable nations deal with the adverse effects of climate change.

The selection of the Philippines comes after a two-and-a-half hour closed-door meeting of the Loss and Damage Fund board in Incheon, South Korea, on Tuesday.

Other countries which expressed interest to host were Antigua and Barbuda, Armenia, the Bahamas, Barbados, Eswatini, Kenya, and Togo.

In a statement, President Ferdinand Marcos Jr. said the country’s inclusion in the board “ensures that the Philippines will be a formidable voice in promoting and advancing global climate action – an issue of critical interest to the country.”

“Hosting the [LDF] board reinforces our dedication to inclusivity and our leadership role in ensuring that the voices of those most affected by climate change shape the future of international climate policies,” he added. 

The board’s co-chairs Richard Sherman of South Africa and France’s Jean-Christophe Donnellier are set to negotiate with the Philippine government to finalize the host country agreement.

“We believe that the host country is a critical building block in the establishment and the operationalization of the loss and damage fund,” said former Philippine finance undersecretary Mark Joven during the meeting.

Joven is the Philippine representative to the board which has 26 members: 12 from developed country parties and 14 from developing country parties.

“We do not take this matter lightly and we commit to fully comply with the undertaking and promises made in the bid of the Philippines,” said Joven. “Rest assured that the government of the Philippines and the entire Filipino people are forever grateful for this trust bestowed upon us today.”

The World Bank will operationalize the fund for an interim period of four years under an independent secretariat.

In 2023, Marcos emphasized his intention for the country to host the fund. After the 28th session of the Conference of Parties concluded, the Philippines was able to secure a seat on the board.

So far, rich countries responsible for most of the world’s greenhouse gas emissions have pledged $700 million to the loss and damage fund.

Philippines to host Loss and Damage Fund board

– with a report from Dwight de Leon/Rappler.com

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Iya Gozum

Iya Gozum covers the environment, agriculture, and science beats for Rappler.