PH wins bid to host intl climate fund board

THE Philippines has been elected to be the host country among seven other contenders to the Loss and Damage Fund Board (LDFB), giving the country a chance to serve as the voice of other vulnerable nations mostly affected by climate change.

Department of Environment and Natural Resources (DENR) Secretary Maria Antonia Yulo-Loyzaga, in a press conference held on Friday in Makati, said hosting the international board was a welcome development for the Philippines as it is among the most climate-vulnerable countries.

She thanked concerned government officials, particularly President Ferdinand Marcos Jr., for «strongly supporting and prioritizing the country's bid to be the board's host.»

BUSINESS AND ENVIRONMENT SUSTAINABILITY Environment Secretary Maria Antonia Yulo-Loyzaga and Management Association of the Philippines President Rene Almendras sign a memorandum of understanding in Makati City, on July 12, 2024, to implement more sustainable practices that would benefit both the business and environment. PHOTO BY J. GERARD SEGUIA

«The DENR's climate change team, the Climate Change Commission, the Department of Foreign Affairs, National Economic and Development Authority, and the Office of the President, among others, have worked together to organize and articulate the Philippine proposal,» she told reporters.

By being host of the board, Loyzaga said the Philippines would have a chance to continue contributing to the fast and seamless operationalization of the LDFB, especially in ensuring that its meetings are successfully held and supported.

Asked how long the country would serve as LDFB host, the DENR chief said it was not yet made clear, but she was sure there would be a permanent office with enough personnel in the Philippines.

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With an initial $700-million fund, Loyzaga was confident that it would increase in the coming years through the massive support from the so-called developed countries, 12 of them including Germany and Japan as part of the board.

Environment Secretary Maria Antonia Yulo-Loyzaga and Management Association of the Philippines (MAP) President Rene Almendras sign a memorandum of understanding (MoU) in Makati City on July 12, 2024 to