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Wednesday, July 24, 2024

Hosting of LDF Board to unlock PH access to climate finance

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The country’s hosting of the Loss and Damage Fund (LDF) Board will unlock more opportunities for the Philippines in terms of access to climate finance, according to Finance Secretary Ralph Recto.

“Hosting the LDF Board will unlock more opportunities for the Philippines to accelerate its access to climate finance and investments, which are critical for future-proofing our economy and ensuring sustainable and inclusive growth for all Filipinos,” Recto said in a statement.

LDF is a global financial mechanism designed to provide support to countries’ response and recovery from losses and damages caused by climate change. The Philippines garnered a seat on the board in December 2023.

The Philippines was selected over Antigua and Barbuda, Armenia, The Bahamas, Barbados, Eswatini, Togo and Kenya to host the LDF Board. 

“We were chosen because of our strong commitment and concrete climate actions on the ground, and we thank the President for his steadfast support and dedication in making this happen,” Recto said.

The 26-member LDF Board selected the Philippines as the host during its second board meeting in Songdo, South Korea on July 9, 2024.

With addressing climate change as one of his top priorities, President Marcos Jr. was very keen on securing the spot to host the LDF Board and immediately established a technical working group (TWG) on March 1, 2024 to strategically prepare the country’s bid submission.

The move exemplifies the country’s commitment to undertaking a whole of government approach to climate and disaster risk resiliency.

The country’s bid offer was spearheaded and prepared by the TWG interagency team composed of the DOF, the Department of Environment and Natural Resources (DENR), the Department of Foreign Affairs (DFA), the Department of Budget and Management (DBM), and the Climate Change Commission (CCC).

By hosting the LDF Board, the Philippines will play a leading role in helping attract significant support from developed countries and development partners to provide concrete financial contributions in averting, minimizing, and addressing losses and damages.

The Philippines’ active engagement in the LDF will allow countries all over the world to collaborate with the Philippine government in tackling climate-related challenges.

It will also serve as an avenue for the Philippines to showcase its game-changing initiatives, transformative reforms, and science-based innovations on adaptation and mitigation actions as well as disaster risk management aligned with its national plans and strategies.

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