THE PHILIPPINES has secured a seat on the board of a multibillion-dollar global fund that seeks to help countries cope with the impacts of climate change, according to the Department of Environment and Natural Resources (DENR).
DENR Secretary Maria Antonia Yulo-Loyzaga said Manila will serve on the board of the United Nations’ (UN) Loss and Damage Fund for three years starting 2024.
“In the year 2026, we will have a term sharing with Pakistan, which is the other Asia-Pacific country that is also part of the board,” she said at a Palace news conference. “So, the Philippines will be sitting for two years as a full member and for one year as an alternate member.”
Having a seat at the board will give the Philippines chance “to represent vulnerable countries that are developing and need to have special consideration,” she said.
“Each of the countries have unique needs and therefore, climate vulnerable developing countries, especially island and archipelagic nations like our own, need to be able to articulate our needs and influence climate policy,” she added.
In a breakthrough on Nov. 30, delegates at the climate talks approved the loss and damage fund to help developing nations cope with the climate emergency.
Ms. Yulo-Loyzaga, in a diplomatic tone, said wealthy nations have so far pledged a combined total of just over $700 million to fund. This is equivalent to less than 0.2% of the $400 billion in losses poor countries face each year due to the climate crisis.
“Of course, these are still pledges because there needs to be a receptacle for the funds,” she said. “The total pledges are very far from enough, very far from enough because there are countries that are already losing their land area.”
The US has gained backlash for contributing only $17.5 million to the fund, an amount described by many as “embarrassing” considering the size of its economy. It’s less than a fifth of the United Arab Emirates’ contribution and over a dozen times less than the European Union’s.
Ms. Yulo-Loyzaga said the World Bank would temporarily handle the fund “until we can come up with the appropriate structure and organization arrangements for the administration of the fund.” — Kyle Aristophere T. Atienza