Philippines elected to host Loss and Damage Fund Board

Philippines elected to host Loss and Damage Fund Board

Philippines Loss Damage Fund

Aerial photo of a coastal community in Orion, Bataan. Fishing communities in Manila Bay are vulnerable to impacts of climate change such as storm surges and sea level rise that directly affect their livelihood and security. Coastal erosion due to sea bed quarrying increases the risks of coastal communities to climate change.

MANILA, Philippines — The Philippines has been elected to host the Loss and Damage Fund (LDF) Board, announced President Ferdinand Marcos Jr. on Tuesday.

The LDF Board, created at a United Nations climate change summit in Dubai last year, is a financing facility created under the auspices of the United Nations to help vulnerable countries cope with the increasingly costly and damaging impacts of climate disasters.

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“I am proud to announce that the Philippines has been elected to host the Loss and Damage Fund Board, out of seven other contenders,” Marcos said in a post on X.

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“We are also honored to have a seat on the Board itself, ensuring that the Philippines will be a formidable voice in promoting and advancing global climate action— an issue of critical interest to the country,” he added.

READ: PH gets board seat in new global climate fund

According to Marcos, hosting the LDF Board signifies the country’s dedication to inclusivity in shaping the future of international climate policies.

Besides the Philippines — which sits in the Asia Pacific Group of the Board — the other countries considered were Antigua and Barbuda, Armenia, Barbados, Bahamas, Togo, Kenya, and Eswatini.

The selection of the host country of the Loss and Damage Fund Board was held at a closed-door meeting of the board in Incheon, South Korea on Tuesday.

“On July 9, 2024, at the second meeting of the board of the fund for responding to loss and damage, the board decided to select the Philippines as the host country of the board of the fund,” a post on the United Nations Climate Change secretariat’s website said.

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The LDF Board will be in charge of operationalizing the multi-million dollar fund, including the setting of access modalities, allocation parameters, and resource mobilization strategies to deliver climate finance funds to vulnerable nations.

Rich nations responsible for most of the world’s greenhouse gas emissions have pledged $ 700 million to the Loss and Damage Fund, which will be used for climate finance or to help poor countries address and cope with the impact of climate change.

The Department of Foreign Affairs (DFA) in a separate statement said that the Philippines as the host will be dedicated to “ensuring the accessibility of the Board not only for its Members or the Secretariat, but also for all Parties participating in the official business of the Board.”

“The Philippines will serve as a committed steward of the Board’s efficient operations, and ensure a supportive environment for the performance of its mandate,” the DFA said.

Last December, Marcos expressed the Philippines’ intention to host the Loss and Damage Fund following its creation at the UN Climate Change Conference of the Parties in Dubai.

In pushing for the Philippines’ bid to host the Loss and Damage Fund, the President pointed out that the country, as a developing nation, “has always been at the forefront of this issue, not by choice but by necessity.”

He cited the Philippines’ “transformative solutions to curb the effects of climate change and address biodiversity laws and pollution” as he said climate change was not just an environmental issue but a matter of “survival, justice and protecting the rights of our people.”

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

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The Philippines was represented on the 26-member board by ex-finance undersecretary Mark Joven. Its board included members from 12 developed nations and 14 developing countries.

TAGS: Damage, loss, Philippines, UN

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