The Philippines has successfully secured a position on the inaugural Loss and Damage Fund Board during the 28th United Nations Climate Change Conference (COP28) held in Dubai, President Ferdinand Marcos Jr. announced yesterday.
In a video message released on Thursday, President Marcos expressed his satisfaction with the development.
“I am very gratified to hear the news that the Philippines has secured a membership on Loss and Damage Fund Board for the year 2024 and the year 2026, serving as an alternate for 2025,” the President said in a video message.
Mr. Marcos emphasized the significance of this achievement, stating that it grants the Philippines a voice in the global management of funds dedicated to mitigating and adapting to the impacts of climate change.
Representing the Asia Pacific Group (APG) in the Loss and Damage Fund Board, the Philippines will share terms with the United Arab Emirates (UAE), Kingdom of Saudi Arabia (KSA), and Pakistan.
Per the arrangement, the Philippines will function as a full member in 2024 and 2026, and as an alternate member in 2025.
This board membership provides the Philippines with a platform to influence country-driven climate solutions anchored in equity and the common but differentiated responsibilities and capabilities of nations.
Being part of the Loss and Damage Fund Board underscores the country’s commitment to multilateralism, strengthened international cooperation, and global solidarity.
The board will determine the decision on the host country for the Loss and Damage Fund Board.
Environment Secretary Antonia Yulo-Loyzaga also revealed that President Marcos has been recognized for his contributions to climate and human mobility by an international migration organization.
This prestigious accolade was conferred alongside the President of Sudan for their commendable efforts in effectively managing human mobility and migration on a global scale.
“During the COP (Conference of Parties 28 in Dubai), we were called to the global climate mobility pavilion. This is a pavilion together with the international office for migration recognizes achievements in terms of migration and how we are handling human mobility as a whole,” Loyzaga said in a press briefing in Malacañang.
Looking ahead, President Marcos stressed the government’s aspiration to host the Loss and Damage Fund in the Philippines following the acquisition of the seat.
“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.
“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,” he added.
In a statement conveyed by President Marcos to the United Nations Framework Convention on Climate Change (UNFCCC) Secretariat, the Philippines expressed its interest in hosting the board.
The Loss and Damage Fund, a significant outcome of COP27 in Egypt last year, aims to provide financial assistance to countries, including the Philippines and other island states, grappling with loss and damage beyond adaptation caused by climate change.
This accomplishment occurred on the first day of COP28, finalizing the fund’s creation on December 1, 2023.
Developed countries have pledged over US$700 million as its initial capital to address the adverse consequences of climate change.
When fully constituted, the Loss and Fund Board will consist of 26 representatives from developed and developing countries, including groups such as the Asia-Pacific States, African States, Latin American and Caribbean States.