‘Hosting loss and damage fund bodes well for Philippines’

MANILA, Philippines — The lead official of the Fund for Responding to Loss anad Damage said that the hosting of the FrLD bodes well for the Philippines as he praised President Marcos for his vision and dedication to the climate fund’s success.

Ibrahima Cheikh Diong, executive director of the FrLD board, said that the selection of the Philippines as host country of the FrLD is “very symbolic” and will showcase all the good work the government is doing toward climate change adaptation.

The United Nations established the Fund with contributions from developed countries to assist vulnerable developing countries that have suffered losses and damage from climate change.

The board, comprising 26 members from developed and developing countries, will manage and supervise the fund, which has received over $700 million in pledges from developed countries.

The Philippines, one of the countries most vulnerable to extreme weather caused by climate change, was selected as the Fund’s host in Dubai last year.

The board held its fourth meeting on Dec. 2 to 5 at the Philippine International Convention Center (COP29) in Pasay City following the one in Baku, Azerbaijan last month.

Diong expressed hope that Marcos’ support would inspire other heads of state to become champions of the FrLD.

The Fund aims to raise $1.3 trillion annually by 2035 with pledges coming from developed countries.

At the same time, Diong cited the efforts of the Department of Environment and Natural Resources, particularly on how it managed to mobilize the government into believing in the fund.

Diong said that while progress has been made toward operationalizing the FrLD since it was established last year, “we still have a long way to go” in converting the pledges into actual funding.

He said being a member of the board and host of the fund is an added value for the Philippines.

“Being on the Board obviously is an opportunity for the country to voice its concerns from the perspective of the Philippines. The other countries can learn from the Philippine example, and it can learn from other countries,” Diong added.