Philippines bids to host Loss and Damage Fund

The Philippines will bid to host the Loss and Damage Fund, a crucial victory for climate change-vulnerable nations established at the COP28.

President Ferdinand Marcos Jr. urged world leaders to immediately operationalize the fund, which aims to assist developing countries impacted by the climate crisis.

The fund will be sourced from contributions of developed countries with high carbon emissions.

Key contributors have already pledged significant amounts, including the United Arab Emirates (USD100 million), Britain (at least USD51 million), the United States (USD17.5 million), and Japan (USD10 million).

Senate President Pro Tempore Loren Legarda emphasized the need for developed countries to fulfill their Paris Agreement commitments, noting the Philippines' high vulnerability to climate change.