LDF board hosting affirms Phl leadership in climate financing
The Philippines’ successful bid offer was the fruit of inter-agency collaboration.
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Daily TribuneThe Philippines’ successful bid offer was the fruit of inter-agency collaboration.
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The Climate Change Commission (CCC) lauded the Philippines’ selection as host of the Loss and Damage Fund (LDF) Board and cited President Ferdinand R. Marcos Jr.’s leadership in the transformative climate agenda.
The country was selected to host the LDF Board during the 2nd Loss and Damage meeting held at Songdo, South Korea on 9 July, trumping other developing nations.
“The unanimous decision by the LDF Board affirms the Philippines’ leadership — under President Ferdinand Marcos Jr. — in transformative climate action and demonstrates stakeholder confidence in the country’s commitment to constructively contribute towards global efforts to address climate change,” said CCC vice chairperson and executive director Robert E.A. Borje.
The LDF is an international financial mechanism designed to provide support to climate-vulnerable countries in their recovery efforts from climate change-related economic and non-economic loss and damage. The support is provided in the form of grants and concessional financing which can be accessed by eligible countries.
Recognizing the vulnerability of the country to the impacts of climate change, Marcos has prioritized strengthening the country’s measures to climate change. This covers his keen interest to secure a spot in the LDF Board, which prompted the establishment of a technical working group (TWG) in March to prepare for the country’s bid submission.
Led by the Department of Environment and Natural Resources, the Philippines’ bid offer was the fruit of collaboration among members of the interagency TWG composed of the Department of Finance, the Department of Foreign Affairs, the Department of Budget and Management, and the CCC.
“The LDF is a vital step in mobilizing the much-needed support for nations most at risk to climate change to further bolster capacities to recover, rebuild, and transform better,” Borje added.
The LDF Board is responsible for establishing the Fund’s direction, managing its operations, and developing its work program. It consists of 26 members representing parties to the United Nations Framework Convention on Climate Change and the Paris Agreement, which includes the Philippines, 12 developed and 13 other developing countries.
The CCC remains steadfast in supporting the country’s efforts to strengthen its climate finance mechanisms. By providing technical and policy support to partner agencies, the Commission aims to enhance the country’s success rate in international negotiations to advance its climate agenda.
