Metro Manila (CNN Philippines, December 14)—The Philippines has secured a seat in the “loss and damage” fund board of a United Nations initiative where governments discuss efforts to limit and prepare for future climate change, a Cabinet official said Thursday.
The fund, under the Conference of Parties to the United Nations Framework Convention on Climate Change (COP28), would help compensate vulnerable countries coping with loss and damage caused by climate change, Environment Secretary Maria Antonia Yulo-Loyzaga said.
Loyzaga, who represented the Philippines in COP28, said in a press briefing that the seat will help the country address the impact of climate change and access disaster funds.
\”Through the initiation of our president, President Marcos, in terms of the interest of the Philippines to actually number one, have a seat on the board of this fund, so that we can actually continue to be the voice of developing countries that are vulnerable to climate change and secondly to host the board of the fund,\” she said.
President Ferdinand Marcos Jr. said in a separate posted video that the Philippines’ membership on the board covers the year 2024 and the year 2026, and then will serve as an alternate for 2025.
\”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,\” Marcos said.
READ: DENR: PH at COP28 to urge developed nations to fulfill climate commitments
Loyzaga earlier confirmed that the Philippines will represent the Asia Pacific Group in the fund board along with the United Arab Emirates, Saudi Arabia, and Pakistan in a term-sharing agreement.
\”There will be a term sharing, however, for the three terms we would have three years, the first year which is the inaugural year, 2024 and 2026. In the year 2025, we will have a term sharing with Pakistan, who are the other Asia-Pacific countries that are also part of the board,\” Loyzaga said.
The fund has $726 million in pledged capitalization from various countries, exceeding the $200 million initially expected, she added.
“We can remain in the spotlight for climate vulnerable countries in the developing world that need to have this kind of attention, in terms of adaptation, mitigation but beyond that in terms of loss and damage,” the environment chief added regarding the Philippines bid to host the fund board.
Loyzaga said as part of the board, the country will push to address the loss of land area, total destruction of biodiversity, species extinctions, fossil fuel mitigation, climate change adaptations, and others.
Asked if the global disaster fund is enough, she said it is \”very far from enough,\” noting the many climate issues and crises in different parts of the world.
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\”The hosting of the board will actually include the granting of certain privileges and immunities, similar to what we granted to the ADB [Asian Development Bank] or the WHO [World Health Organization] regional office. So that involves a legal process of ratifying their status and affording them with those privileges and immunities,\” she said.
Loyzaga said the country has nominated former Finance Undersecretary Marc Joven as its representative to the fund board.
Once fully constituted, the board will have 26 representatives from developed and developing countries.
