The World Bank will operationalize under an independent secretariat for an interim period the fund which aims to help vulnerable nations deal with the adverse effects of climate change
MANILA, Philippines – The Philippines was selected Tuesday, July 9, to host the board of the Loss and Damage Fund, the global fund that will help vulnerable nations deal with the adverse effects of climate change.
The selection of the Philippines comes after a two-and-a-half hour closed-door meeting of the Loss and Damage Fund board in Incheon, South Korea, on Tuesday.
Other countries which expressed interest as host were Antigua and Barbuda, Armenia, the Bahamas, Barbados, Eswatini, Kenya, and Togo.
The board’s co-chairs Richard Sherman of South Africa and France’s Jean-Christophe Donnellier are set to negotiate with the Philippine government to finalize the host country agreement.
“We believe that the host country is a critical building block in the establishment and the operationalization of the loss and damage fund,” said former Philippine finance undersecretary Mark Joven during the meeting.
Joven is the Philippine representative to the board which has 26 members: 12 from developed country parties and 14 from developing country parties.
“We do not take this matter lightly and we commit to fully comply with the undertaking and promises made in the bid of the Philippines,” said Joven. “Rest assured that the government of the Philippines and the entire Filipino people are forever grateful for this trust bestowed upon us today.”
The World Bank will operationalize the fund for an interim period of four years under an independent secretariat.
Last year, President Ferdinand Marcos Jr. emphasized his intention for the country to host the fund. After the 28th session of the Conference of Parties concluded, the Philippines was able to secure a seat on the board.
So far, rich countries responsible for most of the world’s greenhouse gas emissions have pledged $700 million to the loss and damage fund.
– Rappler.com
