THE United Nations has allocated up to $300 billion annually for the Loss and Damage Fund (LDR) until 2030 to address issues related to climate change, a cabinet official said.
“This is a large number [and] we know that these are ambitious goals but we need to strive to actually reach them,” said Environment Secretary Maria Antonia Yulo-Loyzaga.
She also emphasized the need for concrete action based on scientific findings to address loss and damage effectively.
Earlier this month, the Philippines was elected as the host country of the LDF Board among seven other contenders.
When asked about the Philippines’ role in hosting the LDF, Loyzaga said that the board, which includes representatives from 13 developing countries, will determine the fund’s guidelines and implementation.
“We will have a seat on that board. That will be our participation and our opportunity to articulate the needs of climate-vulnerable countries, particularly in the Asia-Pacific,” she said.
The environment chief said that while the country will have a say in the board, it will not dominate the decision-making process. The board will still set the modalities for accessing the fund including contributions and fund administration.
“Very important as a development is that this fund will actually service what we call subnational groups. That means it will be a country-based fund,” she said.
The importance of direct access for subnational groups, such as cities, communities and Indigenous peoples who face significant losses in different aspects due to climate change was also highlighted by Loyzaga.
Citing Tuvalu as an example, Loyzaga highlighted the urgent need for relocation due to rising sea levels. “Who will pay for that relocation, evacuation, mobilization and resettlement? That will be a very concrete case that will be put forward to the loss and damage fund,” she said.
The environment chief added that many coastal communities in the country would need to be relocated due to sea level rise and tidal impacts.
“There will be now questions put forward to the board in order for the modalities in terms of who will be able to access and how much and under what conditions subnationals can actually access the fund,” she said, adding that this is one of the most critical points of the LDF.
Moreover, Loyzaga affirmed the Philippines’ commitment on representing the needs of climate-vulnerable communities and pushing for substantial contributions to meet the ambitious goals set by the UN.
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