The Philippines achieved significant milestones, playing a key role in operationalizing the Loss and Damage Fund and the Santiago Network, throughout the 28th Conference of the Parties to the United Nations Framework Convention on Climate Change (COP28) in Dubai from November 30 to December 12, 2023.
These accomplishments encompassed successful negotiations, policy advancements, and international collaborations, reflecting the country’s commitment to urgent and enhanced climate action.
Following the conference, Department of Environment and Natural Resources (DENR) Secretary Maria Antonia Yulo Loyzaga announced that the Philippines secured a seat on the Board of the Loss and Damage Fund. The country was designated a member of the Board alongside the United Arab Emirates, Saudi Arabia, Kazakhstan, Pakistan and Iran for the Asia Pacific Group as the regular representative in 2024 and 2026, and as the alternate representative for 2025.
The fund’s initial capitalization reached US$726 million, fostering expectations for a prompt operationalization.
“Operationalizing the Loss and Damage Fund is important for us, and this was a hard-fought outcome that would enable us to catalyze assistance for the irreversible impacts of climate change such as extreme weather conditions and slow-onset events which are beyond our ability to finance,” said Secretary Loyzaga, who is the Official Representative of President Ferdinand R. Marcos Jr. as Chair of the Climate Change Commission and designated as Head of the Philippine Delegation to COP28.
The Loss and Damage Fund aims to provide financial assistance to vulnerable countries dealing with the devastating effects of climate change. The Santiago Network, meanwhile, connects vulnerable developing nations with the technical assistance and resources necessary to comprehensively address climate risks, minimizing and addressing loss and damage.
The Loss and Damage Fund will be hosted by the World Bank, while the Santiago Network Secretariat will be hosted by the United Nations Office for Disaster Risk Reduction (UNDRR) and the United Nations Office for Project Services (UNOPS). ###
