President Ferdinand Marcos Jr. and Environment Secretary Ma. Antonia Yulo-Loyzaga said the Philippines has been awarded a seat on the inaugural Loss and Damage Fund Board at the 28th United Nations Climate Change Conference (COP28) in Dubai.

In a video message, Marcos said he is elated that the Philippines will be able to participate in managing all funds allocated for climate change adaptation and mitigation if they can gain membership on the Loss and Damage Fund Board.

Additionally, the Loss and Damage Fund will give the nation another stage to develop climate solutions grounded in justice, shared but distinct duties, and national capacities.

Additionally, it represents its dedication to global solidarity, enhanced international cooperation, and multilateralism.

The goal of the Loss and Damage Fund is to give money to nations that are having a hard time coping with the loss and damage brought on by climate change beyond adaptation, such as the Philippines and other island states.

The Philippines will represent the Asia Pacific Group as an alternate member in 2025 and as a full member of the board in 2024 and 2026 under a term-sharing arrangement with the United Arab Emirates, Saudi Arabia, and Pakistan.

“The next step we are hoping to achieve is to host the Fund — Loss and Damage Fund here in the Philippines so that — because, after all, we are very much in the mix (regarding) climate change effects,” Marcos said.

“So, I think this is a good development and we’ll keep working to make sure that the Philippines has a very strong voice when it comes to all the issues of climate change of which we are very severely affected,” Marcos added.

In a Palace Briefing, Yulo-Loyzaga said the Philippines would work with the rest of the board to see how we can have a proper host for the board itself.

”And as you may expect, it comes with the point that we would take a vote – the Philippines may have to recuse itself from the vote because we are in fact vying for the hosting of that board,” Loyzaga said.

”So, aside from the hosting of the board and the establishing of the fund, there were great strides, I think, in recognizing the value of science in everything that we need to do in terms of finance and implementation,” she added.

According to Loyzaga, commitments to the fund have already exceeded $700 million.

Furthermore, Loyzaga stated that because every nation has different demands, developing nations that are vulnerable to climate change, particularly island and archipelagic nations like the Philippines, must be able to express their needs clearly and have an impact on climate policy in this way.

When asked who the Philippines would like to have on the board, Loyzaga replied that former Finance Undersecretary Mark Joven has been nominated.

As a living example of the consequences of climate change, Loyzaga previously stated that the Philippines is “most qualified” to host the Loss and Damage Fund. According to her, the nation wants to promote the values of its oceans and biodiversity since they are the source of natural solutions to the climate issue and because they lay the groundwork for resilient and inclusive growth.