CLIMATE ACTION. President Ferdinand R. Marcos Jr. asks Congress to pass a law that will accord the Philippines legality for its membership to the Loss and Damage Fund Board, in his third State of the Nation Address on Monday (July 22, 2024). The Loss and Damage Fund aims to assist developing countries in responding to economic and non-economic loss and damage associated with climate change, including extreme weather and slow-onset events. (PNA photo by Joan Bondoc)
MANILA – President Ferdinand R. Marcos Jr. called on Congress to pass an enabling law that will accord legality to the Philippines’ membership to the Loss and Damage Fund Board, the global finance mechanism to assist vulnerable states dealing with the effects of climate change.
During his third State of the Nation Address (SONA) on Monday, Marcos highlighted the country’s vulnerability to climate change due to its geographical location.
“Precisely because of our inherent vulnerability, we are proactive advocates for heightened climate responsibility and justice on the global stage. To this end, we have secured a seat on the Board of the Loss and Damage Fund. And further, the Philippines has also been selected as (the) host country to that fund,” the President said.
“This will require an enabling law from Congress to confer the legal personality and capacity to the Board,” he added.
The Philippines was recently selected to host the Board of the Loss and Damage Fund.
Established through a decision of the Parties to the United Nations Framework Convention on Climate Change and the Paris Agreement, the Loss and Damage Fund aims to assist developing countries in responding to economic and non-economic loss and damage associated with climate change, including extreme weather and slow-onset events.
The Board, as a decision-making body, is responsible for setting the fund’s strategic direction, operations, and work program.
Hosting the next board meeting, according to the President, will give the Philippines a “strong voice to access the needed financial assistance for climate-related initiatives and impacts.” (PNA)
