THE DEPARTMENT of Environment and Natural Resources said the Philippine hosting of the Loss and Damage Fund (LDF) board could ultimately produce dividends in the form of limiting the climate damage to Philippine coastal communities.
Environment Minister Maria Antonia Yulo-Loyzaga said that the fund would have a front-row seat to the action in the disaster-prone Philippines and decide to support disaster mitigation measures.
“For us in the Philippines, many coastal communities will also be affected and continue to be affected now by combination of sea level rise, tidal impacts, and of course, the way they use the land around where they live…they will need to be relocated eventually,” she said on the sidelines of a post-SONA briefing.
The Philippines was selected to host the LDF board, beating out seven other countries.
Last year, developed countries, mainly responsible for most of the world’s carbon emissions, pledged about $700 million towards the LDF.
Ms. Yulo-Loyzaga added that the initial pledges would be used to get the LDF up and running.
“The contributions themselves are yet to come,” she said.
Citing the United Nations, she said that the LDF would need about $200 to $300 billion annually until 2030.
“So this is a large number. We know that these are ambitious goals, but we need to strive to actually reach them,” she said. “Hopefully, the board will provide that platform for us to actually approximate what the real needs are… in order for us to address loss and damage,” she added.
The LDF is tasked with assisting developing countries that are particularly vulnerable to the adverse effects of climate change.
In his State of the Nation Address (SONA) Monday, President Ferdinand R. Marcos Jr. urged Congress to pass an enabling law facilitating the Philippines’ participation in the LDF board.
Ms. Yulo-Loyzaga said that the Philippines will set up a secretariat and provide technical staff and facilities.
“That has been budgeted for, and we just have to tap the budget once the ratification of the privileges and immunities are given to the board through the Senate and Congress,” she added. — Adrian H. Halili