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Manila Bulletin devider Philippines devider National devider PH hosting of Loss and Damage fund to push for actionable climate commitments—PBBM

PH hosting of Loss and Damage fund to push for actionable climate commitments—PBBM

Published Jan 17, 2025 11:29 pm

At A Glance

  • The Loss and Damage Fund is an international initiative that seeks to help developing countries cope with the irreversible impacts of climate change, such as economic and noneconomic losses from extreme weather events.

President Marcos underscored the Philippines' proactive role in global climate governance, saying it will use its position on the Loss and Damage Fund Board to advocate for actionable commitments in climate finance from developed nations.

President Ferdinand 'Bongbong' Marcos Jr. (Malacañang photo)
President Ferdinand 'Bongbong' Marcos Jr. (Malacañang photo)

Marcos said this as he led the ceremonial turnover of eight completed Yolanda Permanent Housing Projects in Leyte, Samar, and Biliran on Friday, Jan. 17.

In his speech, the President said this strategic move will bolster the country's resilience and adaptation against climate change impacts by securing financial support for significant projects and programs.

"Hindi lamang tayo kasama diyan sa Loss and Damage Fund Board. Ang Loss and Damage Fund Board ay dinala natin at dito na sila sa Pilipinas upang marinig nila ang boses ng mga Pilipino (We're not just part of the Loss and Damage Fund Board; we've brought it here to the Philippines so they can hear the voices of Filipinos)," he said.

"Ito po ay isang mahalagang pagkakataon upang marinig ang ating tinig at matugunan ang ating pinansiyal na pangangailangan para sa mga makabuluhang proyekto at programa (This is an important opportunity for our voice to be heard and for our financial needs for significant projects and programs to be met)," he added.

Marcos welcomed the acceptance of developed countries of their role in the issue.

"Pumayag naman ang mga mayayaman na bansa at sinabi nila tanggap naman nila na dapat nilang bigyan ng tulong ang mga tinatamaan ng kalamidad dahil sa kanilang industriya (The rich countries have acknowledged that they should provide help to those affected by calamities due to their industry)," he said.

The Loss and Damage Fund is an international initiative that seeks to help developing countries cope with the irreversible impacts of climate change, such as economic and noneconomic losses from extreme weather events.

The Fund resulted from international climate negotiations where developed countries have agreed to provide financial assistance to those hit hardest by climate change effects, despite having contributed the least to the problem.

The Philippines, known for its climate vulnerability, was elected to host the Board during the second meeting of the Board in South Korea, in July 2024.

President Marcos, who has expressed intentions for the Philippines to host the fund since 2023, views it as an opportunity to secure the necessary financial assistance for climate-related initiatives and impacts.

Last year, Marcos signed into law Republic Act (RA) No. 12019, or the " Loss and Damage Fund Board Act" which grants juridical personality and legal capacity to the Loss and Damage Fund Board that will respond to loss and damage due to climate change.

Related Tags

Bongbong Marcos loss and damage fund Climate Change Loss and Damage Fund (LDF) Board President Marcos
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