The Philippines has stepped into a pivotal role in the global fight against climate change by hosting the Loss and Damage Fund Board. This move is seen as a significant advantage for the country, allowing it to showcase its efforts in adapting to climate change while amplifying its voice on the international stage. The Department of Environment and Natural Resources (DENR) emphasized the strategic importance of this role, which aims to support developing nations most at risk from climate impacts.
President Ferdinand R. Marcos Jr. has been lauded for his robust support of the Fund’s initiatives. Ibrahima Cheikh Diong, the Executive Director of the Board for Responding to Loss and Damage, praised Marcos for his vision and commitment to climate action. Diong expressed optimism that Marcos’ leadership would inspire other global leaders to rally behind the Fund’s mission.
The Philippines, frequently battered by severe weather due to climate change, earned its position on the Loss and Damage Fund Board at the 28th United Nations Climate Change conference (COP28) in Dubai in 2023. The decision to host the Board was made in July during the second meeting in Songdo, South Korea, with subsequent meetings held in December at the Philippine International Convention Center in Pasay City.
The Fund has garnered over USD700 million in pledges from developed countries, with an ambitious target to raise USD1.3 trillion annually by 2035. The Board, comprising 26 members from both developed and developing nations, is tasked with managing the Fund’s operations and ensuring that these pledges translate into real financial support for affected countries.
Diong acknowledged the progress made in operationalizing the Fund but stressed the ongoing need for more resources to adequately address the financial challenges faced by vulnerable nations. He highlighted the unique opportunity for the Philippines to share its experiences and learn from other countries, enhancing global efforts to combat climate change.