https://globalnation.inquirer.net-The Philippines has been elected to host the Loss and Damage Fund (LDF) Board, announced President Ferdinand Marcos Jr. on Tuesday.
The LDF Board, created at a United Nations climate change summit in Dubai last year, is a financing facility created under the auspices of the United Nations to help vulnerable countries cope with the increasingly costly and damaging impacts of climate disasters.
“I am proud to announce that the Philippines has been elected to host the Loss and Damage Fund Board, out of seven other contenders,” Marcos said in a post on X.
“We are also honored to have a seat on the Board itself, ensuring that the Philippines will be a formidable voice in promoting and advancing global climate action— an issue of critical interest to the country,” he added.
According to Marcos, hosting the LDF Board signifies the country’s dedication to inclusivity in shaping the future of international climate policies.
Besides the Philippines — which sits in the Asia Pacific Group of the Board — the other countries considered were Antigua and Barbuda, Armenia, Barbados, Bahamas, Togo, Kenya, and Eswatini.
The selection of the host country of the Loss and Damage Fund Board was held at a closed-door meeting of the board in Incheon, South Korea on Tuesday.
“On July 9, 2024, at the second meeting of the board of the fund for responding to loss and damage, the board decided to select the Philippines as the host country of the board of the fund,” a post on the United Nations Climate Change secretariat’s website said.
The LDF Board will be in charge of operationalizing the multi-million dollar fund, including the setting of access modalities, allocation parameters, and resource mobilization strategies to deliver climate finance funds to vulnerable nations.
Rich nations responsible for most of the world’s greenhouse gas emissions have pledged $ 700 million to the Loss and Damage Fund, which will be used for climate finance or to help poor countries address and cope with the impact of climate change.
The Department of Foreign Affairs (DFA) in a separate statement said that the Philippines as the host will be dedicated to “ensuring the accessibility of the Board not only for its Members or the Secretariat, but also for all Parties participating in the official business of the Board.”
“The Philippines will serve as a committed steward of the Board’s efficient operations, and ensure a supportive environment for the performance of its mandate,” the DFA said.
Last December, Marcos expressed the Philippines’ intention to host the Loss and Damage Fund following its creation at the UN Climate Change Conference of the Parties in Dubai.
In pushing for the Philippines’ bid to host the Loss and Damage Fund, the President pointed out that the country, as a developing nation, “has always been at the forefront of this issue, not by choice but by necessity.”
He cited the Philippines’ “transformative solutions to curb the effects of climate change and address biodiversity laws and pollution” as he said climate change was not just an environmental issue but a matter of “survival, justice and protecting the rights of our people.”
The board’s co-chairs Richard Sherman of South Africa and Jean-Christophe Donnellier of France are set to discuss the host country agreement with the Philippines.
The Philippines was represented on the 26-member board by ex-finance undersecretary Mark Joven. Its board included members from 12 developed nations and 14 developing countries.
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Great move you white capitalist global corporation, so you will pay out next to nothing due to the poverty and standard of living in the Philippines, Antigua would a rock the finance boat too much eh? I know all these climate funding and thing is just these global corporation using their government to pay off poor countries to spill oil or destroy mangroves or whatever with the complicity of the government ok it, Barbuda comes to mind with PLH and also jumby bay, darker skin people will never get justice from someone, you gotta take it yourself, stop all this attending of climate conferences and develop your own criteria with UWI and harmonize the Caribbean to one accord, so no prime minister can have an investor doing as they please, look at Guyana Irfan Ali who is a joke , allowing these foreign investor to take Guyana resources in oil and give pittance and no insurance for oil spill, let’s do for ourselves, we are not children of a lesser god.
Antigua could never be put in charge of the Loss and Damage Fund, not with the reputation the country has for corruption and sleaze. ODEBRECHT, Charity funds for hurricane not delivered to Barbuda and the gentleman not receiving his money from the GBC.
THIS COUNTRY, GOVERNMENT ARE ALL FRAUD PERSONIFIED. I WOULD NEVER EXPECT THEM TO BE PUT INCHARGE OF BOARD NOR FUNDS, BECAUSE ALL GB SEES AND THINKS ABOUT IS $$$$$$$$$$$$$$$
I am wondering,why THE PHILIPPINES WAS SELECTED OVER ANTIGUA AND BARBUDA.In my opinion,giving this Administration the management over those funds.Would be like putting a RATTA TO WATCH CHEESE.
God help us in this season!
Exposure what we are up against
We might know the politics behind these things
So bring clarity so we can understand
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