MANILA, Philippines: In a significant achievement, the Philippines has secured a seat on the inaugural Loss and Damage Fund Board at the 28th United Nations Climate Change Conference (COP28) held in Dubai. President Ferdinand Marcos Jr. announced this exciting news on Thursday, expressing his gratitude for the country’s membership in the board for the years 2024 and 2026, with an alternate position in 2025.
“I am very gratified to hear the news that the Philippines has secured a membership on the Loss and Damage Fund Board for the year 2024 and the year 2026, serving as an alternate for 2025,” Marcos said in a video message, highlighting the significance of this achievement.
This milestone means that the Philippines now has a voice in the management of global funding dedicated to mitigating and adapting to the effects of climate change. It is a crucial step forward for the country, as it empowers the Philippines to actively participate in decision-making processes pertaining to climate change.
President Marcos expressed his hopes of hosting the Loss and Damage Fund in the Philippines in the future. By doing so, the country aims to further solidify its position as a key player in addressing climate change and its consequences.
“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,” the President said, emphasizing the Philippines’ vulnerability to the impacts of climate change.
This latest development is undoubtedly a positive development for the Philippines. The country’s active involvement in global climate change initiatives will enable it to advocate for its unique challenges and concerns, ensuring that its voice is heard on the international stage.
“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,” President Marcos added, underscoring the importance of a strong and influential presence in addressing climate change.
Climate change poses significant threats to countries worldwide, and the Philippines is no exception. With its diverse geography and archipelagic nature, the country is vulnerable to various climate-related hazards, including typhoons, sea-level rise, and extreme weather events.
By securing a seat on the Loss and Damage Fund Board, the Philippines can actively contribute to global efforts in mitigating and adapting to climate change. It can also leverage its position to advocate for financial support and assistance from the international community to address the damages and losses caused by climate change.
The Loss and Damage Fund Board plays a crucial role in managing and distributing funds aimed at supporting vulnerable countries like the Philippines. These funds can be utilized to implement climate change adaptation measures, strengthen infrastructure resilience, and support affected communities.
As the Philippines takes on this responsibility, it is essential for the government and relevant stakeholders to collaborate effectively, ensuring that the allocated funds are utilized efficiently and transparently. This approach will maximize the impact of the resources and contribute to building a more sustainable and resilient future for the country.
The Philippines’ seat on the Loss and Damage Fund Board is a testament to the country’s commitment to addressing climate change and its impacts. It reflects the Philippines’ active participation in global climate change discussions and its determination to protect its citizens and environment.
With this significant achievement, the Philippines can continue to work towards creating a more sustainable and climate-resilient future, not only for its own citizens but also for the global community as a whole.
Source: The Manila Times
