The newly-signed "Loss and Damage Fund Board Act" (RA No. 12019) serves as a testament to the Philippines' solid commitment to the Fund’s mission and its ongoing dedication to global climate action, Department of Environment and Natural Resources (DENR) Secretary Maria Antonia “Toni” Yulo-Loyzaga said on Friday, Aug. 30.
In a statement, Loyzaga thanked President Marcos Jr. for signing into law RA No. 12019 last Aug. 28, granting juridical personality and legal capacity to the Loss and Damage Fund (LDF) Board that will respond to loss and damage due to climate change.
She also thanked members of the Senate and the House of Representatives for the passage of the law.
“With the enactment of this law, the Board is now vested with juridical personality and legal capacity to fulfill its mandate. This landmark legislation represents the Philippines' tangible commitment to the Fund’s purpose and manifests our continuing determination to support global climate action,” she said.
Under the measure, the DENR will have the legal capacity to negotiate, conclude, and enter into a hosting arrangement with the World Bank as interim trustee and host of the Fund’s secretariat, and undertake activities to fulfill its roles and functions.
According to the DENR chief, efforts are now underway to fine-tune the Host Country Agreement, ensuring the Board receives the essential privileges and immunities required for its effective operation in the country.
Earlier, the Philippines won the bid to host the Loss and Damage Fund Board.
Loyzaga stated that hosting the loss and damage fund board is a “welcome development for the Philippines as 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,” she said. “We take on this responsibility in solidarity with all countries vulnerable to the impacts of climate change.”
Per the DENR, the Fund is designed to support developing nations particularly vulnerable to the adverse effects of climate change, aiding them in addressing both economic and non-economic losses and damages related to such effects. This includes damage from extreme weather events and slow-onset phenomena.
It noted that the Board overseeing the Fund consists of 26 members from Parties to the United Nations Framework Convention on Climate Change (UNFCCC) and its Paris Agreement, comprising 12 members from developed countries and 14 from developing countries.
As of July, the newly established Loss and Damage Fund had garnered $679.7 million in pledges from the European Union and at least 20 other countries.
The Philippines secured a position on the first Loss and Damage Fund Board at the United Nations Climate Change Conference or Conference of the Parties (COP28) in Dubai in December last year.