Atin Ito First Filipino Community Newspaper in Ontario
The Philippines has secured a board seat in the Loss and Damage Fund, which was officially launched at the 28th United Nations Climate Change Conference (COP28) in Dubai, United Arab Emirates (UAE).
This is a welcome development as it will give the Philippines — one of the countries most vulnerable to the impact of climate change — a voice in the management of the fund that was first agreed upon during the COP27 in Egypt to provide financial assistance in support of countries struggling to cope with loss and damage caused by climate change beyond adaptation.
The Philippines, which continues to experience the impact of climate change — stronger typhoons, unprecedented flooding due to rising sea levels, heavy rains, among other weather conditions — is certain to play a key role in helping shape climate solutions. Having experienced first-hand the impact of climate change will serve the Philippines in good stead as a member of the 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 to Pakistan in 2025.
At least 15 countries and the European Union (EU) had pledged support for the Loss and Damage Fund.
The UAE, the host of COP28, was quick to pledge $100 million. This was matched by Germany. France and Italy each pledged $108.9 million.
Other countries that pledged financial support are: the United Kingdom, $50.6 million; Ireland, $27.1 million; EU, $27.1 million; Denmark, $25.6 million; Norway, $25.4 million; Spain $21.8 million; United States, $17.5 million; Netherlands, $16.3 million; Canada, $11.8 million; Japan, $10 million; Finland, $3.3 million; and Slovenia, $1.6 million.
The Philippines has been advocating for new and additional resources to help cushion the impact of climate change on vulnerable countries, stressing that it should be accessible, stable, predictable, adequate, and distributed equitably.
The Loss and Damage Fund is distinct from the Adaptation Fund and the Green Climate Fund, the two other UN-related climate funds.
The Green Climate Fund, created in 2010, is the world’s largest multilateral fund mandated to support developing countries raise and realize their NDC (Nationally Determined Contributions) ambitions toward low-emissions, climate-resilient pathways. On the other hand, the Adaptation Fund — established under the Kyoto Protocol of the UN Framework Convention on Climate Change — finances projects and programs that help vulnerable communities in developing countries adapt to climate change. Initiatives are based on country needs, views and priorities.
With lessons learned from the experience the country has had in dealing with, and adapting to climate change, we look forward to the Philippines’ meaningful and life-changing role in climate adaptation while seating in the Loss and Damage Fund Board.
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Credit belongs to: www.mb.com.ph
