MANILA: The Philippines was selected to host the Board of the Loss and Damage Fund, the global finance mechanism to assist vulnerable states dealing with the effects of climate change.
The country won its bid during the second Loss and Damage Board meeting in Songdo, South Korea on July 9.
‘I am proud to announce that the Philippines has been elected to host the Loss and Damage Fund Board, out of seven other contenders,’ President Ferdinand R. Marcos Jr. said on his official X account.
Marcos said hosting the board ‘reinforces our dedication to inclusivity and our leadership role in ensuring that the voices of those most affected by climate change shape the future of international climate policies.’
The Philippines’ offer to serve as the board’s country host was first announced by the Chief Executive as soon as the Fund was operationalized during the United Nations Climate Change Conference or Conference of the Parties in Dubai, United Arab Emirates last year.
In a separate statement, the Department of F
oreign Affairs (DFA) said it is in keeping with Manila’s ‘long-standing engagement on discussions of the Fund and our belief that all States must contribute to the success of its institutional architecture.’
The DFA said the country’s selection among eight country offers received by the Board reflects ‘widespread confidence in the Philippines’ ability and commitment to global climate action and equity.’
‘As host, the Philippines is 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,’ it said.
‘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,’ it added.
The DFA said it will continue to work with the Department of Environment and Natural Resources (DENR) and other concerned agencies in the next steps to finalize the board’s “hosting arrangements” in the Philippines.
Established
through a decision of the Parties to the United Nations Framework Convention on Climate Change (UNFCCC) and the Paris Agreement, the Loss and Damage Fund aims to assist developing countries in responding to economic and non-economic loss and damage associated with climate change, including extreme weather and slow-onset events.
The Board as a decision-making body is responsible for setting the Fund’s strategic direction, operations and work program.
It comprises 26 members from parties to the UNFCCC and the Paris Agreement, with 12 members from developed countries and 14 from developing countries.
The Philippines sits in the Asia Pacific Group of the Board, represented by Mark Dennis Joven.
Marcos said the country’s seat on the Board itself is ‘ensuring that the Philippines will be a formidable voice in promoting and advancing global climate action – an issue of critical interest to the country.’
Source: Philippines News Agency