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Manila Bulletin devider Philippines devider National devider PH gets seat in Loss and Damage Fund Board—DENR

PH gets seat in Loss and Damage Fund Board—DENR

Published Dec 14, 2023 05:37 am
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(MB FILE PHOTO)

The Philippines has secured a seat in the Loss and Damage Fund Board during the COP28, Department of Environment and Natural Resources (DENR) Secretary Ma. Antonia “Toni” Yulo-Loyzaga announced onThursday, Dec. 14.

In a Malacañan media briefing, Loyzaga said the Board was created on the first day of the COP28 “by a long series of consultations by what they call the Transitory Commission.”

“We have garnered a seat on the board of the loss and damage fund. There will be term sharing; however for the three terms, we will have two years – the first year which is inaugural year, 2024 and 2026,” she stated.

She noted that the Philippines has to share a term with Pakistan in 2025.

“So, out of the three years, the Philippines will be sitting two years as full members and one year as an alternate member,” Loyzaga added.

According to the DENR chief, the Loss and Damage Fund Board has received over $700 terms of pledges.

“Some of which, of course, come from the developed countries such as Germany, but also the UAE and the UK and other countries as well,”  she said.

Loyzaga hopes that the fund will be operational as soon as possible.

“We hope that we will be able to access it with some efficiency—greater efficiency than the other funds that are available,” she went on.

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