Philippines to Host U.N. 'Loss and Damage' Fund Board

The Philippines has been selected to host the board of the U.N.'s 'Loss and Damage' fund, focusing on recovery and rebuilding from global warming impacts. Philippine President Ferdinand Marcos Jr highlighted the country's commitment to inclusivity and climate change leadership. Legislative action is required before hosting duties commence.

The Philippines has been chosen to host the board of the 'Loss and Damage' fund created by U.N. talks, advancing efforts to provide financial support for countries affected by global warming.

Last month, the World Bank's board greenlit a plan to act as interim host of the fund for four years. However, concerns arose regarding the potential influence of donors such as the United States, which appoints the World Bank's president.

Philippine President Ferdinand Marcos Jr announced the country's election from a pool of seven contenders. 'Hosting the board reinforces our dedication to inclusivity and our leadership role in ensuring that the voices of those most affected by climate change shape the future of international climate policies,' said Marcos.

Before the Philippines can assume its role, it must pass legislation. The archipelago, frequently impacted by climate-change-induced disasters, also holds a seat on the fund's board.

As host, Manila could spotlight the Asia-Pacific region, struggling with limited resources to tackle climate change. The issue of who should pay for loss and damage has been contentious, with developed nations wary of the financial burden.

COP27 in Egypt in 2022 established the U.N. 'loss and damage' fund but left specifics undecided. Lidy Nacpil from the Asian Peoples' Movement on Debt and Development emphasized the need for the Philippines to show political leadership, urging developed countries to meet their obligations for climate reparations.

(With inputs from agencies.)