The Philippines has been chosen to host the board of the “Loss and Damage” fund created by U.N. talks, marking another step towards providing financial help for countries to recover and rebuild from the impact of global warming.
Last month, the World Bank’s board approved a plan for the bank to act as interim host of the fund for four years.
Some countries, however, voiced concern that allowing the World Bank to host would give donors, including the United States that appoints the World Bank’s president, too much influence.
President Ferdinand Marcos Jr announced the country’s election from a pool of seven contenders in a post on X on Tuesday.
Hosting the board, Marcos said, “reinforces our dedication to inclusivity and our leadership role in ensuring that the voices of those most affected by climate change shape the future of international climate policies”.
The Philippines must enact legislation before it can become host and Marcos did not say when it would take on its role.
Marcos said the Philippines will play an important role in hosting of the Loss and Damage fund which was formed to provide financial help for countries, especially the vulnerable nations, to recover and rebuild from the impact of global warming.
“We will have a big influence for all our needs. We can express all our views on this subject matter and we may influence others,” he said.
Secretary Maria Antonia Yulo Loyzaga of the Department of Environment and Natural Resources for her part said this hosting is a welcome development for the Philippines, one of the countries most vulnerable to the adverse effects of climate change.
“The Loss and Damage fund is a long-fought struggle to directly assist those who bear the greatest impact of climate-induced losses and damage to recover and build. We take on this responsibility in solidarity with all countries vulnerable to the impacts of climate change,” said Loyzaga said.
The Philippines has secured a seat on the board for 2024 and 2026 and will serve as an alternate for 2025.
The fund was a major outcome of United Nations Climate Change Conference 27 (COP27) in Egypt in 2022, which intends to provide financial assistance to support countries, such as the Philippines and other island states, struggling to cope with loss and damage caused by climate change..
Developed countries have initially pledged over $700 million as capital to address the negative consequences of climate change such as rising sea levels, prolonged heat waves, desertification, the acidification of the sea and extreme events, such as bushfires, species extinction and crop failures. (Reuters, J. Montemayor and J. Macapagal)
