PH most qualified to host UN loss and damage fund board

Environment Secretary Maria Antonia Yulo-Loyzaga stated that the Philippines is the "most qualified" to host the board of the loss and damage fund (LDF), citing the country's vulnerability to climate change impacts and its role in promoting equitable global commons governance.

The LDF, launched on November 30 at COP28 in Dubai, aims to assist vulnerable nations in managing the financial and detrimental effects of climate disasters.

Ms. Yulo-Loyzaga stressed that the Philippines has both the "institutional capacity" and "expertise" to host the United Nations' Loss and Damage Fund's board since it has already "hosted various international and regional organizations."

She cited the country's "footprint" in various United Nations negotiations, including the Convention on the Law of the Sea, the Convention on Biological Diversity, the Convention on Climate Change and its Paris Agreement, and the Biodiversity Beyond National Jurisdiction Agreement, among others.

Kalikasan People's Network for the Environment (Kalikasan PNE) views the Philippines hosting the fund as a positive development, preferring it over institutions like the World Bank.

Kalikasan PNE believes that a climate-vulnerable country hosting the fund would prioritize the interests of such nations, with the Philippines being among the most at-risk for natural disasters.