Small developing states to get priority over PH in availing of $700 million climate finance fund–Loyzaga
Even though the Loss and Damage Fund Board is being hosted by the Philippines, small island developing states that experience the “far more extreme” effects of climate change may be the first ones to benefit from the $700 million climate finance fund.
In a press briefing at Malacañang, Environment Sec. Ma. Antonia Yulo-Loyzaga said that the host country agreement between the Philippines and the United Nations Framework Convention on Climate Change is still being finalized.
She said that “climate-vulnerable countries” and small island developing states in the Pacific Ocean, Atlantic Ocean, Indian Ocean, etc., are more likely to be considered first in availing of the climate finance mechanism.
“Small island developing states and Africa are far ahead of the Philippines because their problem is far worse. These states, particularly in the Pacific, are taking part in the Asia Pacific Disaster Risk Reduction Conference,” she said.
According to the UN website, small island developing states are more vulnerable to the effects of climate change such as deadly hurricanes and slow onset events such as rising sea levels.
There are 39 small island developing states, including least developed countries like Comoros, Guinea-Bissau, Haiti, Kiribati, São Tomé and Príncipe, Solomon Islands, Timor-Leste and Tuvalu.
She said that small island developing states are experiencing conditions that are “far more extreme than what we have here.”
“Many of them are losing their coastal areas. Some are organizing migration to other areas under special agreements – that’s how difficult their situation is already,” Loyzaga said.
She added that these small island developing states do not have mountain ranges to protect them during extreme hurricanes, making them “exposed and vulnerable” to extreme weather changes due to climate change.
“We don’t diminish what we are experiencing here like the flooding… It’s really an existential concern for them on so many levels – economic, environmental, cultural. These are the ones that will probably be the first ones in line to be considered,” Loyzaga said.
Multi-million-dollar fund
In July, the Philippines was selected as the host country for the Loss and Damage Fund Board, the body tasked with administering the multi-million-dollar Loss and Damage Fund. The body will hold its first board meeting here in the Philippines in December.
In his keynote speech for the ongoing Asia-Pacific Ministerial Conference on Disaster Risk Reduction (APMCDRR) on Tuesday, President Marcos said he hoped the Loss and Damage Fund would “benefit climate vulnerable countries, many of whom are in our region.”
Created in December last year at the UN Climate Change Conference in Dubai, the Loss and Damage Fund is made up of $700 million in climate finance pledges from wealthier, developed nations that contributed more to global warming.
In August, Mr. Marcos signed Republic Act 12019 or the “Loss and Damage Fund Board Act” which conferred juridical personality and legal capacity to the board.
Composed of representatives from 12 developed nations and 14 developing countries, the Loss and Damage Fund Board will operationalize and administer $ 700 million in climate finance pledges.
The Philippines is represented on the 26-member board by Mark Dennis Joven, who was previously undersecretary for finance.
Loyzaga hoped that the host country agreement would also address the issue of who will pay for the Loss and Damage Board itself.
“The whole idea of the board and the fund is that there can be funding sources,” she said.
According to the environment chief, the Philippines has no role in managing the climate finance fund itself, as it is only the host country for the Loss and Damage Fund Board.
“In the meantime, the World Bank will be the repository of the fund. However, the board will decide the rules and guidelines for the availment of the fund,” Loyzaga said.
