PH gets a seat in climate disaster fund board

Environment Secretary Ma. Antonia Yulo-Loyzaga announced Thursday that the Philippines has garnered a seat on the board of the climate disaster fund called “Loss and Damage Fund.”

''Through the initiation of our President, President Marcos, in terms of the interest of the Philippines to actually number one, have a seat on the board of this fund, so that we can actually continue to be the voice of developing countries that are vulnerable to climate change and secondly to host the board of the fund,'' Loyzaga said at a Palace press briefing. 

''We are very fortunate and we are very lucky through the hard work of course and the vision of the President, we have garnered a seat on the board of the Loss and Damage Fund,'' she added.  

Loyzaga explained that there would be a term sharing on the board.

''For the three terms, we will have two years – the first year which is inaugural year, 2024 and 2026. In the year 2025, we will have a term share with Pakistan who is the other Asia Pacific country that is also part of the board," she said.

"So, out of the three years, the Philippines will be sitting two years as full members and one year as an alternate member." Loyzaga added.

Loyzaga said that the Philippines next job would be ''to work with the rest of the board to see how we can have a proper host for the board itself.''

''And as you may expect, it comes with the point that we would take a vote – the Philippines may have to recuse itself from the vote because we are in fact vying for the hosting of that board,'' she added.

''So, aside from the hosting of the board and the establishing of the fund, there were great strides, I think, in recognizing the value of science in everything that we need to do in terms of finance and implementation,'' she said.

Loyzaga said commitments to the fund has already reached more than US$700 million.

Further, Loyzaga said that each of the countries have unique needs and therefore, climate-vulnerable developing countries, especially island and archipelagic countries like the Philippines, need to be able to articulate their needs and influence climate policy in this way.

''So, being at the forefront and as a member of the board, and also hopefully hosting the board here in our country, we can remain in the spotlight for climate vulnerable countries that are in the developing world that need to have this kind of attention in terms of what they need to meet in terms of adaptation, mitigation; but beyond that, in terms of loss and damage, what needs to be given to these countries in order to thrive and to survive the impacts of climate change,'' Loyzaga said.

Asked who will represent the Philippines on the board, Loyzaga said they have nominated former Finance Undersecretary Mark Joven.

Loyzaga earlier said the Philippines is “most qualified” to host the Loss and Damage Fund because it is a living testament to the effects of climate change. She said the country aims to advance the values of its biodiversity and oceans as the source of nature-based solutions to the climate crisis and to serve as the foundation for inclusive and resilient development. —VAL, GMA Integrated News