Philippines Secures a Seat on Inaugural ‘Loss and Damage Fund Board’

The Philippines will represent the Asia Pacific Group (APG) in the Loss and Damage Fund Board along with the United Arab Emirates (UAE), Kingdom of Saudi Arabia (KSA), and Pakistan in a term-sharing agreement.

Under the arrangement, the Philippines will serve as a full member in 2024 and 2026 and will be an alternate member in 2025.

The board membership will also provide the Philippines a platform to help shape climate solutions that are country-driven and anchored in equity and common but differentiated responsibilities and respective capabilities of countries.

The country has been advocating for new and additional resources under the Fund, saying it should be accessible, stable, predictable, and adequate.

“I am very gratified to hear the news that the Philippines has secured a membership on Loss and Damage Fund Board for the year 2024 and the year 2026, serving as an alternate for 2025,” President Marcos said in a video message.

With this, President Marcos said that the Philippines has now a voice in the management of all funding that is available around the world to mitigate and adapt to the effects of climate change, which is important for the country.

“The next step we are hoping to achieve is to host the Fund here in the Philippines because, after all, we are very much in the mix when it comes to climate change effects,” the President said.

The loss and damage fund was a major outcome of COP27 in Egypt last year, which intends to provide financial assistance to support countries, such as the Philippines and other island states, struggling to cope with loss and damage caused by climate change beyond adaptation.

It was a critical first-day breakthrough at this year’s COP28, which finalised the creation of a fund.

Developed countries have pledged over US$700 million as its initial capital to address the negative consequences of climate change such as rising sea levels, prolonged heatwaves, desertification, the acidification of the sea, and extreme events, such as bushfires, species extinction, and crop failures.

When fully constituted, the Loss and Fund Board will be composed of 26 representatives from developed and developing countries.