The Kyoto Protocol, adopted in 1997 and entered into force in 2005, was the first legally binding treaty to address climate change. It required developed countries to reduce emissions by an average of five percent below 1990 levels but made the compliance voluntary to developing countries like the Philippines. The reason is that limiting the greenhouse gas (GHG) emissions of developing countries will hinder industrial growth and thus hamper economic development.
Then came the Paris Agreement. It was adopted by 196 parties at the United Nations Climate Change Conference in Paris, France, on December 12, 2015, and entered into force on November 4, 2016.This time, all countries were required to reduce their GHG emissions. While it’s true that everyone must do their share, there must be a concession for those who have made a miniscule contribution to the planet’s warming.
The rich and developed countries have emitted most of the greenhouse gases that is causing the climate crisis. Sadly, developing countries who contributed least to climate change are the most vulnerable to its impacts like the Philippines. Our country contributes less than 1% of the world’s GHG emissions and yet we are the most-disaster-prone country in the world according to the World Risk Index 2022.
It is in this context that the Loss and Damage Fund was established in the United Nations Climate Conference in 2022. The fund aims to provide financial assistance for economic and non-economic losses and damage to nations most vulnerable and impacted by the effects of climate change such as rising sea levels, prolonged heatwaves, desertification, the acidification of the sea and extreme events. I believe that industrialized nations like the G20 countries who emit around 75% of the global GHG have the moral obligation to contribute to this fund.
So far, those who pledged to the funds are Dubai at $260 million, United Arab Emirates and Germany at $100 million each, United Kingdom at $50 million, Japan at $10 million, United States at $17.5 million, Denmark at $50 million, Ireland and the European Union at $27 million each, $25 million from Norway, $12 million from Canada and $1.5 million from Slovenia. This is just a small fraction of the $400 billion a year needed to address loss and damage.
To operationalize the fund, a ‘Loss and Damage Fund Board’ was formed which will be responsible for setting the strategic direction of the fund and for the fund’s governance and operational modalities, policies, frameworks and work program, including relevant funding decisions. It is comprised of 26 members from Parties to the Convention and Paris Agreement, with 12 members from developed country Parties and 14 members from developing country Parties. The Philippines was chosen as one of the three representatives of Asia-Pacific states.
Recently, the Philippines was elected as the host country of the Loss and Damage Fund Board in their second meeting in Songdo, South Korea last July 09, 2024. The Philippines’ bid won over seven other contenders. As the host, the Philippines will organize future meetings of the board in our country and a headquarters will be established here.
Will the rich countries contribute more to the fund? Makonsensiya sana kayo!