PH to serve as climate change Loss and Damage Fund Board member

MANILA. President Ferdinand Marcos Jr.
MANILA. President Ferdinand Marcos Jr.Photo from PCO

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, President Ferdinand Marcos Jr. announced on Thursday, December 14, 2023.

In a video message, Marcos was elated as he said that securing a membership on Loss and Damage Fund Board will enable the Philippines to have a voice in the management of all the funding to mitigate and adapt to the effects of climate change.

It will also provide the country another platform to shape climate solutions that are country-driven and anchored in equity and common but differentiated responsibilities and respective capabilities of countries.

It also symbolizes its commitment to multilateralism, strengthened international cooperation and global solidarity.

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

“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,” said Marcos.

“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 loss and damage fund intends to provide financial assistance to support countries, such as the Philippines and other island states that are struggling to cope with loss and damage caused by climate change beyond adaptation.

Marcos earlier said that the Philippines is one of the countries that are least responsible but suffer the most due to climate change.

The Philippines has long been advocating for new and additional resources for climate change mitigation, which are more accessible, stable, predictable and adequate.

Developed countries have pledged over $700 million as its initial capital to address the negative consequences of climate change, which include rising sea levels, prolonged heat waves, desertification, the acidification of the sea, and extreme events, such as bushfires, species extinction and crop failures. (TPM/SunStar Philippines)

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