Marcos urges law for loss and damage fund board

PRESIDENT Ferdinand “Bongbong” Marcos Jr. has urged Congress to enact an enabling law to grant legal personality and capacity to the Board of the Loss and Damage Fund.

In his third State of the Nation Address (Sona) on Monday, July 22, 2024, Marcos said the Philippines’ position on the Board of the Loss and Damage Fund will complement all of the country’s climate adaptation and mitigation measures, as it will “give us a strong voice to access the needed financial assistance for climate-related initiatives and impacts.”

“As we can see in all the world, weather events are, as predicted, getting more extreme, such as torrential rains that instantly shift to scorching heat waves — or vice-versa. Our country’s geographical location makes us highly vulnerable to the adverse effects of climate change,” Marcos said.

“Precisely because of our inherent vulnerability, we are proactive advocates for heightened climate responsibility and justice on the global stage,” he added.

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 in December 2023.

The country will serve as a full member of the board in 2024 and 2026, while serving as an alternate member in 2025, representing the Asia Pacific Group along with the United Arab Emirates, Saudi Arabia, and Pakistan in a term-sharing agreement.

The loss and damage fund 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.

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

Marcos previously said that the Philippines is one of the countries least responsible for climate change but suffers the most due to its effects.

The chief executive also raised the importance of the country’s resiliency and preparedness against any calamities and the destruction it can cause.

He noted that over the past two years, nearly a hundred evacuation centers have been built across the country, and the government activated the newly established Disaster Response Command Center in January to serve as the central hub for disaster response efforts.

In a bid to lessen the impact of heavy rains, over 5,500 flood control projects have been completed in flood-prone areas. (TPM/SunStar Philippines)