Foreign Affairs Secretary Enrique Manalo said that the Philippines will ensure that the world’s Loss and Damage Fund will be accessible to all parties seeking assistance for their losses due to effects of climate change.
Manalo’s assurance came after the Philippines was selected on Tuesday, July 9, to host the Board of the world's Fund responding to Loss and Damage.
He said the Philippines is gladly accepting the privilege to host the fund and is viewing the role "as part of our duty to contribute to the success of the Fund's institutional architecture, building on [the Philippine] leadership in Loss and Damage."
Meanwhile, the Department of Foreign Affairs (DFA) said it will continue to work with the Department of Natural Resources (DENR) and other concerned agencies in the next steps regarding the finalization of the hosting arrangements for the Board in the Philippines.
Established through a decision of the Parties to the United Nations Framework Convention on Climate Change (UNFCC) and the Paris Agreement, the Fund aims to assist developing countries particularly vulnerable to the adverse effects of climate change in responding to economic and non-economic loss and damage associated with climate change.
That included extreme weather and slow-onset events.
The Board is the Fund's decision-making body responsible for setting the Fund’s strategic direction, operations and work programme. It is composed of 26 members from Parties to the UNFCCC and the Paris Agreement, with 12 members from developed countries and 14 from developing countries.
"The Philippines’ decision to offer to host the Board of the Fund, which was announced by President Ferdinand Marcos Jr. as soon as the Fund was operationalized during COP28 in Dubai, is in keeping with our long-standing engagement on discussions of the Fund and our belief that all States must contribute to the success of its institutional architecture," DFA said.