Philippines Chosen to Host U.N. Climate Fund Board

July 14, 2024

The Philippines was recently chosen to house the board of the “Loss and Damage” fund. This is a big step toward helping people who have been hurt by climate change. This choice was made during talks at the United Nations, which were mostly about giving money to countries that are being hit hard by global warming. Following that, the World Bank agreed earlier that month to oversee this fund for four years temporarily.

Concerns Over Hosting

Some countries had problems with the World Bank’s job as the temporary host. People were worried that funding countries, especially the US, which has a lot of power over the World Bank, might have too much of an effect. This worry shows how complicated international financial systems and diplomacy around the world are.

The Philippines’ Role and Responsibilities

Since they were picked from a group of seven candidates, the Philippines has a big role to play in making climate policy. As President Ferdinand Marcos Jr. said, this job supports the country’s dedication to allowing everyone to participate in global climate discussions. As an island that is often hit by typhoons and other natural disasters, the Philippines is about to bring much-needed attention to the climate problems in the Asia-Pacific region.

Legislative and Operational Steps

Before the Philippines can truly take on this hosting role, it needs to pass the necessary laws. No specific date has been given for when the Philippines will start doing its job. At this growth stage, changes to local government and diplomatic interactions between countries are very important.

Expected Leadership from the Philippines

With its new position, the Philippines is expected to show a lot of political leadership by pushing developed countries to accept and take action on their past climate damage impacts. The Philippines needs to push for reparations and stronger promises from richer countries, as Lidy Nacpil of APMDD has said. Overall, the Philippines’ holding of the “Loss and Damage” fund board is a major step toward better global cooperation and support for countries dealing with the terrible effects of climate change. The next task is to put this framework into action and make sure it helps people who need it the most.

About Loss and Damage fund

The “Loss and Damage” fund was set up at the COP27 UN Climate Change Conference in 2022 to help countries that are weak and have been hit by natural disasters. With a focus on the economic and non-economic effects in emerging countries, it talks about “loss and damage” as opposed to “mitigation and adaptation.” Even though it has support from around the world, the fund’s operations and funding sources are still not clear in early 2023. This plan is a big step forward in climate talks because it recognizes that developed countries are responsible for past pollution that hurt poorer countries more than they hurt rich countries. International discussions about contributions and governance systems are still going on.

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