MANILA, Philippines — The first meeting of the Loss and Damage Fund (LDF) Board, hosted by the Philippines, is set for December, the Department of Environment and Natural Resources (DENR) said on Wednesday.
The LDF Board was created at a United Nations climate change summit in Dubai last year.
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The board is a financing facility made by the United Nations to help vulnerable countries cope with the increasing costs and damage caused by climate disasters.
The Philippines was elected to host the LDF Board, as announced by President Ferdinand Marcos Jr. last July.
“Iyong host country agreement, tinatapos po namin ngayon (We are finalizing the host country agreement), and that will be signed between the UNFCCC (United Nations Framework Convention on Climate Change) and ourselves as the host country for the fund board,” DENR Secretary Antonia Yulo-Loyzaga said in a press briefing.
“Once that is in place, the first board meeting will be held here in the Philippines. So, in December, there will be a meeting here of the Loss and Damage Fund Board — we will be the host, and we hope that certain agreements will be reached,” she said in a mix of English and Filipino.
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Some of these agreements would be regarding the sources of funds and the countries that would use them, she said.
“Right now, the funding of the board is still at around less than $700 million. Most of that will actually be used in setting up the operations of the fund,” Yulo-Loyzaga explained.