Philippines elected to host climate fund board

MANILA, Philippines — The Philippines has been elected to host the Loss and Damage Fund (LDF) Board, the body that manages funds for climate change mitigation and adaptation projects, President Marcos announced Monday night.

In an X post, Marcos said hosting the board reinforces the Philippines’ dedication to inclusivity and its leadership role in “ensuring that the voices of those most affected by climate change shape the future of international climate policies.”

“We are 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,” the President said.

In a media interview in Rizal yesterday, the Chief Executive said that the Philippines’ election to the board would allow the country to influence the board’s decisions on fund allocation.

“We will have a huge influence on our needs. We can express all of our views about the subject matter and we will have an influence... We will have a loud voice,” the President stressed in Filipino.

Environment Secretary Maria Antonia Yulo-Loyzaga yesterday said the Philippines beat six other contenders.

She added that as host of the LDF Board, the Philippines would continue to concretely contribute to the fast and seamless operationalization of the board, ensuring that meetings are successfully held and supported.

In a separate statement, Finance Secretary Ralph Recto said the Philippines was chosen amid the country’s strong commitment to and concrete climate actions on the ground.

“Hosting the LDF Board will unlock more opportunities for the Philippines to accelerate its access to climate finance and investments,” Recto said.

“These are critical for future-proofing our economy and ensuring sustainable and inclusive growth for all Filipinos,” he added.

Japan congratulated the Philippines yesterday for its election to host the LDF Board.?“Congratulations on the Philippines’ election to host the Loss And Damage Fund! I look forward to the Philippines’ active role in combating climate change,” Japanese Ambassador Kazuya Endo wrote on X.

The LDF was an outcome of the 27th United Nations Climate Change Conference (COP27) in Egypt in 2022. It was designed to help vulnerable countries cope with loss and damage caused by climate change.

The Philippines obtained a seat in the LDF Board at the COP28 in Dubai last December, giving the country a say in the management of all available funding to address the impact of climate change. — Bella Cariaso, Louise Maureen Simeon, Pia Lee-Brago