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Philippines Eyes Hosting Loss, Damage Fund Board To Access Climate Finance

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Philippines Eyes Hosting Loss, Damage Fund Board To Access Climate Finance

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The Philippines is eyeing to host the Loss and Damage Fund (LDF) Board which will allow the country to access more climate financing.

In a statement on Tuesday, the Department of Finance (DOF) said President Ferdinand R. Marcos Jr. created an interagency technical working group to lead the Philippines in its bid to host the LDF Board.

The LDF is a global financial mechanism designed to provide support to countries that are mostly impacted by climate change.

President Marcos earlier expressed the Philippines’ intent to host the LDF Board and called for the LDF’s immediate operationalization to assist developing countries.

By hosting the LDF Board, the Philippines will gain significant traction from developed countries and development partners that can pledge voluntary contributions to finance the fund.

The Philippines’ active engagement in the LDF will also allow countries all over the world to collaborate with the Philippine government in tackling climate-related challenges.

It can also serve as an avenue for the Philippines to showcase its game-changing initiatives in the adaptation and mitigation front.

Under the Marcos administration, the Philippine government pushed forward strategic investment and financing frameworks for climate and development positive actions.

It also enabled policies and measures to make the Philippines a destination for sustainable investments such as the initiatives under the National Adaptation Plan and Nationally Determined Contributions Implementation Plan and its Financial Strategy.

“The DOF will lead the country’s bid to host the Loss and Damage Fund. We have already begun thorough preparations on this matter, and we believe that the Philippines is more than ready to take on this important role,” Finance Secretary Ralph Recto said.

The DOF convened member agencies in a series of meetings of the newly created LDF Technical Working Group (TWG) which include the Department of Foreign Affairs, the Department of Environment and Natural Resources, the Department of Budget and Management, and the Climate Change Commission to discuss the strategies to be undertaken for the country’s hosting bid.

The DOF also led the discussion on the proposed roles and responsibilities of each TWG member, highlighting the members’ expected contributions to developing the country’s hosting bid. (PNA)