Philippines Selected To Host The Board Of The Fund For Responding To Loss And Damage

The Philippines has been chosen to host the board of the “Loss and Damage” fund created by U.N. talks, marking another step towards providing financial help for countries to recover and rebuild from the impact of global warming. Last month, the World Bank’s board approved a plan for the bank to act as interim host of the fund for four years.

An archipelago of more than 7,600 islands

The Philippines must enact legislation before it can become host and Marcos did not say when it would take on its role. An archipelago of more than 7,600 islands, the Philippines, which also has a seat on the fund’s board, is frequently hit by typhoons and other climate-change induced disasters.

Attention on the Asia-Pacific region,

As host, Manila could focus attention on the Asia-Pacific region, where many countries struggle with limited resources, hindering their ability to respond to the effects of climate change. Who pays for loss and damage has been among the most intractable issues at U.N. climate talks, as developed countries blamed for producing the most emissions historically have been nervous about how much of the bill for redressing damage they might face.

U.N. “loss and damage” fund

COP27 in Egypt in 2022 however managed to establish a U.N. “loss and damage” fund dedicated to addressing irreparable climate-driven damage from drought, floods and rising sea levels, but did not decide on detail. Lidy Nacpil, coordinator of the Asian Peoples’ Movement on Debt and Development (APMDD), said it was up to the Philippines to demonstrate political leadership. They should demand developed countries fulfil their historical, legal, and moral obligation to provide reparations for climate devastation.

 

trilok

Recent Posts

Anahat Singh Wins PSA Women’s Young Player of the Season Award

India’s squash prodigy Anahat Singh continues to scale new heights on the international stage, clinching…

54 seconds ago

Public Sector General Insurers Collect ₹1.06 Lakh Crore Premium in FY25

Public sector general insurance companies (PSGICs) have recorded a significant milestone by collecting approximately ₹1.06…

15 mins ago

RBI’s T Rabi Sankar Joins 16th Finance Commission as Part-Time Member

In a significant administrative development, the President of India has appointed T Rabi Sankar, Deputy…

21 mins ago

India’s Extreme Poverty Rate Falls to 5.3% in 2022-23: World Bank Report

India has made remarkable strides in reducing extreme poverty, with the rate plunging to 5.3%…

40 mins ago

Carlos Alcaraz Clinches Historic Comeback Victory at 2025 French Open Final & Winner List 2025

In an extraordinary display of resilience and skill, Carlos Alcaraz triumphed over Italy’s Jannik Sinner…

47 mins ago

Top-5 Pineapples Producing Countries in the World in 2025

Pineapples are one of the most loved tropical fruits in the world. They are sweet,…

1 hour ago