(UPDATE) The Philippines has achieved a significant milestone at the 28th United Nations Climate Change Conference (COP28) in Dubai. President Ferdinand Marcos Jr. announced on Thursday that the country has secured a seat in the Loss and Damage Fund Board. From 2024 to 2026, the Philippines will serve as a member of the board, with an alternate role in 2025, as stated by Marcos in a video message.
With this membership, the Philippines will have a voice in managing all funding aimed at mitigating and adapting to the effects of climate change. President Marcos expressed hope that the Loss and Damage Fund could be hosted in the Philippines, highlighting the country’s significant experience with climate change impacts.
The Philippines will represent the Asia Pacific Group on the board, alongside the United Arab Emirates, Saudi Arabia, and Pakistan, under a term-sharing agreement. Advocating for new and additional resources under the fund, the country emphasizes the importance of accessibility, stability, predictability, and adequacy.
The loss and damage fund emerged as a major outcome of COP27 in Egypt last year. Its primary objective is to provide financial assistance to countries like the Philippines and other island states that are struggling to cope with the loss and damage caused by climate change beyond adaptation measures.
This year’s COP28 achieved a critical breakthrough on its first day by finalizing the creation of the fund on December 1. Developed countries have pledged over $700 million as the initial capital to address the consequences of climate change, including rising sea levels, prolonged heatwaves, desertification, acidification of the sea, and extreme events such as bushfires, species extinction, and crop failures.
Once fully constituted, the Loss and Damage Fund Board will consist of 26 representatives from developed and developing countries. The latter includes groups such as the Asia-Pacific states, African states, Latin American and Caribbean states, Small Island Developing states, Least Developed Countries, and those not included in any of the regional groups and constituencies.
When asked about the Philippines’ representative on the board, Environment Secretary Ma. Antonia Loyzaga mentioned that they have nominated former Finance undersecretary Mark Joven. Loyzaga expressed gratitude for the President’s vision and hard work, which led to the country securing a seat on the Loss and Damage Fund Board.
She also highlighted the Philippines’ next task, which is to collaborate with the rest of the board in finding a suitable host for the board itself. Loyzaga emphasized the significant progress made in recognizing the value of science in terms of finance and implementation, alongside the establishment of the fund.
Loyzaga stressed the importance for climate-vulnerable developing countries, especially island and archipelagic nations like the Philippines, to articulate their needs and influence climate policies. This achievement at COP28 will enable the Philippines to have a stronger voice in shaping climate-related decisions and ensuring the country’s resilience to the impacts of climate change.
In conclusion, the Philippines’ seat in the Loss and Damage Fund Board at COP28 signifies a significant step forward in addressing the challenges posed by climate change. With a voice in managing climate change funding and the opportunity to host the board, the Philippines can play a crucial role in advocating for the needs of climate-vulnerable countries. This achievement reflects the country’s commitment to mitigating and adapting to the effects of climate change and underscores the importance of international collaboration in tackling this global issue.
Source: The Manila Times