MANILA – Environment Secretary Maria Antonia Yulo Loyzaga on Wednesday welcomed the election of the Philippines as the host nation of the Loss and Damage Fund (LDF) board, the global finance mechanism that assists vulnerable states dealing with the effects of climate change.
In a press release, Loyzaga believed that the country would be a formidable voice in promoting and advancing global climate action since the Philippines is one of the countries most vulnerable to the adverse effects of climate change.
The election is a recognition of the country’s unwavering support and commitment to multilateralism and the mission of the LDF as a critical pillar in global climate action.
“The Loss and Damage Fund is a long-fought struggle to directly assist those with the greatest impact of climate-induced losses and damage to recover and build. We take on this responsibility in solidarity with all countries vulnerable to the impacts of climate change,” Loyzaga said.
She said that as the host of the Board of the Fund, the Philippines will continue to concretely contribute to the fast and seamless operationalization of the LDF, particularly by ensuring that the meetings of the Board are successfully held and supported.
On Tuesday, President Ferdinand R. Marcos Jr. announced that the Philippines beat seven other contenders –Antigua and Barbuda, Armenia, the Bahamas, Barbados, Eswatini, Kenya and Togo–to host the board out.
The Philippines was selected during the LDF board meeting on Tuesday in Incheon, South Korea.
The LDF is mandated to assist developing countries that are particularly vulnerable to the adverse effects of climate change in responding to economic and non-economic loss and damage associated with the adverse effects of climate change, including extreme weather events and slow onset events.
The board is composed of 26 members from Parties to the United Nations Framework Convention on Climate Change (UNFCCC) and its Paris Agreement, with 12 members from developed country Parties and 14 members from developing country Parties.
The Philippines is a member of the Board, occupying one of three seats for Asia-Pacific States.
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