WHEN the Philippines won the bid to host the Loss and Damage Fund board two weeks ago, it sent the signal that the Philippines was globally recognized for its technical and institutional capacity to address the risks of climate change. It is also important to know that hosting the board was envisioned by President Ferdinand Marcos Jr.
The discussions were ignored and tabled. Other funds for adaptation and mitigation were set up instead. Finally, at COP27, countries agreed to put loss and damage on the formal agenda. This led to the historic decision to establish a Loss and Damage Fund on the first day at COP28. And the Philippine team was prepared.The idea of 'loss and damage' was a general term at the UNFCCC that referred to the consequences of climate change that go beyond what countries can adapt to or mitigate.
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Philippines elected to host climate fund boardThe Philippines has been elected to host the Loss and Damage Fund Board, the body that manages funds for climate change mitigation and adaptation projects, President Marcos announced Monday night.
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