PH can seek compensation for losses due to climate change–Loyzaga
President Marcos has said that the Philippines could serve as a “test case” for the loss and damage fund, given its experience with consecutive tropical cyclones that have hit the country in the last three weeks.
“Our President wishes to inform the parties of the deep devastation we are suffering from the unrelenting impacts of this tropical cycle,” said Environment Secretary Ma. Antonia Yulo Loyzaga.
She delivered the message on behalf of the President during the second day of the United Nations Climate Change Conference, also known as the Conference of Parties (COP29), on Tuesday.
At COP29, “crucial” new documents were signed on Tuesday regarding the loss and damage fund—aimed to compensate developing countries for losses due to climate change. Among these was the Host Country Agreement between the Philippines and the Board of the Fund for Loss and Damage.
Loyzaga, who attended the signing, added: “[Mr. Marcos] wishes for this unprecedented experience to serve perhaps as a baseline not only for what climate-vulnerable developing countries are and will be in fact enduring in these uncertain and unpredictable times, but also of our capacity to recover, given the adequate and timely access to resources.”
Established during COP27 in Egypt two years ago, the loss and damage fund is meant to help developing countries offset the impacts of climate change, as they are much more vulnerable to its effects despite having little contribution to global greenhouse gas emissions compared to developed countries.
This can be seen through the 2024 Emissions Gap Report of the UN Environment Programme, wherein G20 countries reportedly contributed 77 percent of global emissions last year, while least-developed countries accounted for only 3 percent.
Agreements
However, those affected by climate change may have to hold on for a little longer as relief from the loss and damage fund will be disbursed next year, according to COP29 president Mukhtar Babayev.
Babayev said the funding may finally flow by 2025 after new agreements were signed at this year’s climate change conference. These include the trustee and hosting agreement with the World Bank, which would be overseeing the coordination of the fund, as well as contributor agreements from donor countries.
The Philippines also formalized its hosting agreement with the Board, which the Department of Environment and Natural Resources says is “key to unlocking funds to support the loss and damage needs of particularly vulnerable countries.”
“By hosting the board of the fund, we are invested in its dynamic and far-reaching mission of cooperation and solidarity by making resources accessible to those who need it the most,” Loyzaga said.
The agreement also confers the Board with a “legal personality and legal capacity necessary to discharge its roles and functions” through the Loss and Damage Fund Board Act, which was signed by President Marcos in August.
“While we know there may never be enough, the Fund will be critical in addressing the worst impacts of climate change and crucial for our communities to rebuild, recover and move towards a resilient future,” Loyzaga added.
Babayev said that the Fund would need to “identify projects to get support flowing. All countries that have pledged money must complete their contribution agreements. And we need more pledges so we can meet the urgent needs of climate change victims.”
Currently, total pledges to the fund have amounted to $720 million, after Sweden pledged to the fund a total of 200 million krona, or approximately $19 million. However, according to UN Secretary-General Antonio Guterres, this figure “doesn’t come close to righting the wrong inflicted on the vulnerable.”
Read: Marcos signs into law Loss and Damage Fund Board
