PH makes it to UN Loss and Damage Fund board
ENVIRONMENT Secretary Ma. Antonia Loyzaga announced that the Philippines has secured a seat on the Board of the Loss and Damage Fund alongside other countries like the United Arab Emirates, Saudi Arabia Kazakhstan, Pakistan and Iran.
This title according to Loyzaga was achieved during the 28th Conference of the Parties to the United Nations Framework Convention on Climate Change (COP28) held in Dubai recently where she was sent by President Marcos Jr. as the country’s official representative.
Loss and Damage Fund aims to provide financial assistance to vulnerable countries dealing with the devastating effects of climate change.
The Philippines was cited for playing a key role in operationalizing the Loss and Damage Fund and the Santiago Network throughout the two-week gathering (from November 30 – December 12) late last year.
Santiago Network, on the other hand, connects vulnerable developing nations with the technical assistance and resources necessary to comprehensively address climate risks, minimizing and addressing loss and damage.
These accomplishments encompassed successful negotiations, policy advancements, and international collaborations, reflecting the country’s commitment to urgent and enhanced climate action.
Designated as Board members, the Philippines and the other five countries will now serve as regular representatives for the Asia Pacific Group in 2024 and 2026 and as alternate representative for 2025.
The fund’s initial capitalization reached US$726 million, fostering expectations for a prompt operationalization.
The Loss and Damage Fund will be hosted by the World Bank, while the Santiago Network Secretariat will be hosted by the United Nations Office for Disaster Risk Reduction (UNDRR) and the United Nations Office for Project Services (UNOPS).
