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Manila Bulletin devider Philippines devider National devider PH lauds loss and damage fund approval at COP 28

PH lauds loss and damage fund approval at COP 28

Published Dec 3, 2023 06:51 am

The Philippines has lauded the adoption of loss and damage funding at the 28th Conference of the Parties (COP28) in Dubai.

COP28 PH.jpg

Through the Climate Change Commission, the country, which is among the highly vulnerable nations to the impacts of climate change, welcomed the development saying, it is a "significant stride" towards aiding vulnerable nations in managing and recovering from the adverse impacts of climate change.

During the COP28 held in Dubai, United Arab Emirates (UAE), delegates reached a consensus to operationalize and capitalize the much-anticipated loss and damage (L&D) fund and funding arrangement.

“The operationalization of the L&D Fund is a historic move forward. It is proof positive of what we can do as an international community. If we put our brains together and work together, we can move something from being divisive and transform it into something that’s truly unifying,” Climate Change Commission Vice Chair and Executive Director Robert EA Borje said during his intervention at the ceremonial opening of COP28.

“But as we celebrate, let us remember loss and damage is at the latter end of the phenomenon spectrum. We have to realize and remember the important work that also needs to be done for adaptation-mitigation efforts to be scaled up. We are grateful for the pledges from our partner countries. We hope that this will assist us, and not just the Philippines but other at-risk countries,” he emphasized.

Dr. Sultan Ahmed Al Jaber, COP28 President, announced the operationalization and capitalization of the L&D fund, marking a crucial breakthrough for this year's UN climate conference.

The Fund, designed to compensate countries grappling with loss and damage due to climate change, received pledges amounting to approximately $400 million.

“We all know that a key success factor across the climate agenda is finance. For too long, finance has not been available, accessible, or affordable. This Presidency is committed to unlocking finance to ensure that the global south does not have to choose between development and climate action,” the COP28 President stated.

“Let this be the year that climate finance meets the magnitude of the moment. Let this be the COP where we deliver on our promises, from the $100 billion to loss-and-damage. And on loss and damage I know how important this issue is to the parties, particularly the most vulnerable,” he added.

According to the CCC, the landmark decision reflects a collaborative effort by nations to confront the pressing issue of climate change and stands as a testament to the international community's dedication to mitigating its devastating effects.

The COP28 is an important United Nations climate conference, gathering representatives from 198 parties worldwide to negotiate and deliberate on pressing issues related to climate change.

It aims to build upon previous climate agreements such as the Paris Agreement and Kyoto Protocol, and advance global efforts in combating climate change.

President Marcos has earlier called on world leaders to support the Philippines' bid to host the L&D Fund as he called for the fund's prompt operationalization.

He was supposed to participate in the COP28 but decided to cancel his trip on the day of his departure to deal with the hostage taking of Filipino seafarers in the Red Sea.

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Climate Change Commission loss and damage fund COP28 President Marcos
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