The Philippines has emerged as a key player in the global fight against climate change, with its selection to host the Loss and Damage Fund Board. This decision, announced by the Department of Environment and Natural Resources (DENR), is seen as a significant opportunity for the country to showcase its efforts in adapting to climate change and to articulate its unique challenges on an international platform.
The hosting of the Board, which was established to support developing countries most affected by climate change, was praised by Ibrahima Cheikh Diong, the Executive Director of the Board for Responding to Loss and Damage. Diong lauded President Ferdinand R. Marcos Jr. for his unwavering support and commitment to the Fund’s objectives, expressing hope that Marcos’ leadership would inspire other global leaders to follow suit.
The Philippines, frequently battered by severe weather due to its geographical location, earned its position on the Board during the 28th United Nations Climate Change conference (COP28) in Dubai. The country was later chosen as the host during the Board’s second meeting in Songdo, South Korea, and has since held its fourth meeting in Pasay City, Philippines.
The Fund has attracted over USD700 million in pledges from developed nations, aiming to reach an ambitious target of USD1.3 trillion annually by 2035. The Board, comprising 26 members from both developed and developing countries, is tasked with managing these funds and ensuring they translate into practical support for nations in need.
Diong emphasized the importance of the Philippines’ role on the Board, noting that it provides a platform for the country to share its experiences and learn from others. This mutual exchange is crucial for advancing the Fund’s mission and addressing the pressing financial needs of vulnerable countries.