PH secures a board seat in Loss and Damage Fund, says DENR
Environment Sec. Ma. Antonia “Toni” Yulo-Loyzaga during a hearing in the Senate. Senate PRIB photo
MANILA, Philippines — The Philippines has successfully secured a seat on the board of the Loss and Damage Fund (LDF) following the conclusion of the United Nations 28th Conference of Parties (COP28) in Dubai, Environment Secretary Maria Antonia Yulo-Loyzaga said on Thursday.
The LDF is a climate fund that is set up to help vulnerable countries cope with the costly and damaging impact of climate disasters. It was launched on the first day of COP28 on November 30.
In a Malacañang press briefing, Yulo-Loyzaga announced that the country was successful in batting for a seat at the board and will be a member for three years.
“We are very fortunate and very lucky. We have garnered a seat on the board of the Loss and Damage Fund. There will be a term-sharing however. For the three terms, we will have two years: the first year, which will be the inaugural year 2024, and in 2026,” the Environment secretary announced.
Article continues after this advertisementThis means that the country will be a full board member for two years but will be an alternate member in the year 2025 as it shares its term with Pakistan.
Article continues after this advertisementYulo-Loyzaga said that the country will now continue its bid to host the board in Manila.
“The main gain for us in terms of being the host of the board and being on the board itself is to continue to represent the vulnerable countries in the world that are developing and need to have special consideration given to these countries in order for us to drive what should be the appropriate financing available for each of us,” she explained.
According to Loyzaga, the Philippines needs to be able to articulate its needs and “influence climate policy” as it belongs to the cluster of developing countries that are vulnerable to the impacts of climate change.
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“By hosting the Loss and Damage Fund board, we can remain in the spotlight for climate vulnerable countries that are in the developing world that need to have these kinds of attention in terms of adaptation and mitigation,” the Environment Secretary added.
By the end of COP28, the LDF garnered around $700 million in pledges from countries. Loyzaga, however, admitted that this is “far from enough.”
READ: PH ‘most qualified’ to host climate fund, says DENR chief
An estimate from the United Nations shows that $387 billion is needed annually for the climate change adaptation measures of developing countries including the Philippines.
Unlike Loyzaga, some pro-environment Filipino groups who have addressed the COP28 were disappointed with its results, citing its “watering down” of talks on fossil fuel phaseout and the “meager” amount pledged to the LDF by developed countries.
