The enactment of the Loss and Damage Fund Board Act marks a significant step and reflects the Philippine government\u2019s strong commitment toward global action against climate change.<\/p>\n
\u201cThis landmark legislation represents the Philippines’ tangible commitment to the Fund\u2019s purpose and manifests our continuing determination to support global climate action,\u201d Environment Secretary Antonia Yulo-Loyzaga said in a press release on Friday following the recent signing of President Ferdinand R. Marcos Jr. of Republic Act 12019 or the Loss and Damage Fund Board Act.<\/p>\n
The new law, which Marcos signed Wednesday, grants juridical personality and legal capacity to the Loss and Damage Fund Board, a global finance mechanism to help vulnerable states dealing with the effects of climate change.<\/p>\n
\u201cThe hosting of the Loss and Damage Board will play a crucial role in the delivery of critically needed resources to climate vulnerable developing countries as they confront both economic and non-economic loss and damage due to the impacts of climate change,\u201d Loyzaga said.<\/p>\n
In July, the 26-member LDF Board selected the Philippines as its host.<\/p>\n
Loyzaga said the Board is now refining the Host Country Agreement, which will imbue it with the essential privileges and immunities to effectively discharge its functions within the country.<\/p>\n
The board has the legal capacity to negotiate, conclude, and enter into a hosting arrangement with the World Bank as interim trustee and host of the Fund\u2019s secretariat, and undertake activities as necessary for discharging its roles and functions. <\/p>\n
Meanwhile, the Climate Change Commission also lauded the administration’s strong leadership and commitment to advance climate action.<\/p>\n
“The signing into law of the Loss and Damage Fund Board Act also reflects a strong consensus among lawmakers to implement policies that will greatly enhance the country\u2019s resilience to climate-related impacts,\u201d CCC Vice Chairperson and Executive Director Robert E.A. Borje said in a separate statement. (PNA)<\/p>\n","protected":false},"excerpt":{"rendered":"
The Philippines takes a proactive approach to climate change with the new Loss and Damage Fund Board Act in place.<\/p>\n","protected":false},"author":1,"featured_media":4920,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[67],"tags":[],"class_list":["post-4919","post","type-post","status-publish","format-standard","has-post-thumbnail","category-advocacy"],"zyndk8_nxtgen_metadata":[],"_links":{"self":[{"href":"https:\/\/greeninc.ph\/index.php?rest_route=\/wp\/v2\/posts\/4919","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/greeninc.ph\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/greeninc.ph\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/greeninc.ph\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/greeninc.ph\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=4919"}],"version-history":[{"count":0,"href":"https:\/\/greeninc.ph\/index.php?rest_route=\/wp\/v2\/posts\/4919\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/greeninc.ph\/index.php?rest_route=\/wp\/v2\/media\/4920"}],"wp:attachment":[{"href":"https:\/\/greeninc.ph\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=4919"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/greeninc.ph\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=4919"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/greeninc.ph\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=4919"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}