Panel preps for PHL bid to host Loss & Damage Fund
AS Manila bids to host the Loss and Damage Fund (LDF) Board to enable the Philippines to access more climate financing, an interagency technical working group was created by President Ferdinand R. Marcos Jr.
In a statement on Wednesday, the Department of Finance (DOF) said it will lead the technical working group as the country has begun preparations to support its bid to host the LDF Board after securing a board seat for the years 2024 to 2026.
“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 G. Recto said.
According to the DOF, the LDF is a global financial mechanism created to provide assistance to countries that are mostly affected by climate change.
The Philippines will stand to gain “significant traction”by hosting the LDF Board, as developed countries and development partners can pledge voluntary contributions to finance the fund, the DOF added.
Furthermore, the DOF said the Philippines’ active participation in the LDF will allow countries in the world to collaborate with the Philippine government in addressing climate-related challenges.
The LDF can also serve as an avenue for the Philippines to highlight its “game-changing initiatives” in the adaptation and mitigation front, the DOF added.
The DOF asserted that the Philippine government pushed forward “strategic” investment and financing frameworks for climate and development positive actions during the Marcos Jr. administration.
It also enabled the National Adaptation Plan (NAP) and Nationally Determined Contributions Implementation Plan (NDC IP) and its Financial Strategy among the policies and measures to be implemented for the Philippines to become a destination for sustainable investments.
The Philippines has active access to the global fund Green Climate Fund (GCF), which supports developing countries in responding to the challenges of climate change.
The country also has access to the Global Environment Fund (GEF), a global fund dedicated to tackling biodiversity loss, climate change, and pollution, and supporting land and ocean health. The DOF is also actively pursuing access to the Adaptation Fund.
To discuss the strategies for the country’s hosting bid, the DOF convened member agencies in a series of meetings of the newly created LDF Technical Working Group (LDF TWG), namely, the Department of Foreign Affairs (DFA); the Department of Environment and Natural Resources (DENR); the Department of Budget and Management (DBM); and the Climate Change Commission (CCC).