MANILA – The Philippines’ hosting of the Loss and Damage Fund Board is highly favorable to the country, as it would highlight Manila’s climate change adaptation efforts.
In a news release on Thursday, the Department of Environment and Natural Resources (DENR) underscored the importance of the Philippines’ role in the Fund, which was established to assist vulnerable developing countries in coping with the impacts of climate change.
Ibrahima Cheikh Diong, Executive Director of the Board for Responding to Loss and Damage (FrLD), commended President Ferdinand R. Marcos Jr. for his strong support for the Fund’s initiatives.
“We are inspired by his vision, his dedication, and his commitment to climate action,” Diong said during a recent interview with Malacañang Press Briefer Daphne Oseña-Paez.
He also expressed hope that Marcos’ leadership would encourage other world leaders to champion the Fund’s mission.
The Philippines, one of the nations most vulnerable to extreme weather events caused by climate change, secured a seat on the inaugural Loss and Damage Fund Board during the 28th United Nations Climate Change Conference (COP28) in Dubai in 2023.
In July, the Board selected the Philippines as its host country during its second meeting in Songdo, South Korea.
This was followed by the Fund’s fourth meeting held in December at the Philippine International Convention Center in Pasay City.
The Fund has received over USD700 million in pledges from developed nations, with a long-term goal of raising USD1.3 trillion annually by 2035.
The Board, composed of 26 members representing developed and developing countries, oversees the Fund’s operations and works to convert pledges into tangible financial support for affected nations.
Diong said that while significant progress has been made toward operationalizing the Fund, more work is needed to meet the financial needs of vulnerable countries.
“Being on the Board obviously is an opportunity for the country to voice its concerns from the perspective of the Philippines. The other countries can learn from the Philippine example, and it can learn from other countries,” Diong said. (PNA)