The enactment of the Loss and Damage Fund Board Act marks a significant step and reflects the Philippine government’s strong commitment toward global action against climate change.
“This landmark legislation represents the Philippines’ tangible commitment to the Fund’s purpose and manifests our continuing determination to support global climate action,” 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.
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.
“The 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,” Loyzaga said.
In July, the 26-member LDF Board selected the Philippines as its host.
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.
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’s secretariat, and undertake activities as necessary for discharging its roles and functions.
Meanwhile, the Climate Change Commission also lauded the administration’s strong leadership and commitment to advance climate action.
“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’s resilience to climate-related impacts,” CCC Vice Chairperson and Executive Director Robert E.A. Borje said in a separate statement. (PNA)
