News Excerpt:
The Philippines has been chosen to host the board of the "Loss and Damage" fund marking another step towards providing financial help for countries to recover and rebuild from the impact of global warming.
About the news:
- The Board for Loss and Damage Fund unanimously decided to call it the “Fund for Responding to Loss and Damage” (FrLD) during its second meeting in Incheon, South Korea, and also decided that the Philippines would be the host country for operations of the fund.
- “Loss and damage” is a term used in UN climate negotiations to refer to the consequences of climate change that go beyond what people can adapt to; for example, the loss due to rising sea levels or the loss of homes and lives during extreme floods.
- It covers both immediate climate disasters and slow onset events including cyclones, droughts and heatwaves, sea level rise, desertification, glacial retreat, land degradation, ocean acidification, and salinization according to World Resources Institute.
Background:
- Last month, the World Bank's board approved a plan for the World Bank to act as interim host of the fund for four years.
- Some countries, however, voiced concern that allowing the World Bank to host would give donors, including the United States that appoints the World Bank's president, too much influence.
- The Loss and Damage Fund Board comprises 26 members from Parties to the Convention and Paris Agreement, with 12 members from developed country Parties and 14 members from developing country Parties.
- The 26 members are nominated in line with respect to a decided geographical representation.
- Each Board member has an alternate member. India is an alternate member to Armenia.
Philippines:
- 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.
- The Philippines must enact suitable legislation before it can become the host.
- 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.
- Hosting the board, their president said, "this reinforces our dedication to inclusivity and our leadership role in ensuring that the voices of those most affected by climate change shape the future of international climate policies".
About the Loss and Damage Fund:
- COP27 in Egypt in 2022 managed to establish a U.N. "loss and damage" fund dedicated to addressing irreparable climate-driven damage from drought, floods, and rising sea levels without the details.
- Who pays for this fund 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.
- This fund demands that the developed countries fulfill their historical, legal, and moral obligations to provide reparations for climate devastation.
