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PH to push for creation of ‘Loss and Damage’ fund in COP28

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Katrina Domingo, ABS-CBN News

<div class="embed-wrap"><figure data-feedback="fb:likes,fb:comments"><img alt="ABS-CBN News" src="https://sa.kapamilya.com/absnews/abscbnnews/media/2023/life/11/29/20230915-climate-protest-mt-22.jpg"/><figcaption>Climate campaigners protest in front of the Department of Environmental Resources and headquarters in Quezon City on September 15, 2023 to join global activities kicking-off the campaign against the use of fossil fuels. Maria Tan, ABS-CBN News</figcaption></figure></div>MANILA — The Philippines will rally for the “operationalization” of the “Loss and Damage Fund” at the 28th Conference of the Parties (COP28) on the United Nations’ Framework Convention on Climate Change (UNFCCC), the country’s Environment Secretary said on Wednesday.Negotiations for the realization of the Lost and Damage Fund is “very critical” as the fund would help developing nations to rebuild natural and man-made features that were destroyed due to climate change, Environment Secretary Maria Antonia Yulo-Loyzaga told Palace reporters.“Loss and Damage Fund is extremely important because as we know, there are losses and damages that are beyond our ability to finance,” she said.“The cost of really trying to recoup and recover from this is way beyond what we are able to afford as a country,” she said, noting that “there are other countries that are similarly vulnerable” especially in the Pacific. <ul class="op-related-articles">	<li><a href="https://news.abs-cbn.com/news/11/29/23/house-oks-bill-declaring-climate-change-emergency-in-ph">House OKs bill declaring climate change emergency in PH</a></li>	<li><a href="https://news.abs-cbn.com/news/11/29/23/marcos-says-attending-cop28-to-urge-nations-to-honor-climate-financing-pledges">Marcos says attending COP28 to urge nations to honor climate financing pledges</a></li></ul>The fund — which will be sourced through the pooled contributions of developed countries with high carbon emissions — “is meant to cover all the financing needed that cannot be addressed anymore by adaptation finance, by regular climate finance, by mitigation finance,” Loyzaga said.“It is extremely important that this becomes operationalize soonest, and that we are able to access it at a timely and locally-driven fashion,” she said.While the Philippines’ carbon emissions is pegged at less than 1 percent of the world’s total, it is one of the countries that is frequently hit by droughts and typhoons.In 2021, the Philippines ranked 121 out of 185 countries in terms of vulnerability against the effects of climate change, according to research from the Notre Dame Global Adaptation Initiative, a research effort from the University of Notre Dame in the United States.The Philippines has been trying to “bring down emissions in the energy and transport and agriculture sector” and at the same time address “the need to secure food for our population,” Loyzaga said.While the Philippines has created its “People’s Survival Fund”, an annual allocation for community-driven climate change mitigation projects, Loyzaga said the P1-billion sum is not enough.“Unfortunately, for us, this figure is in the trillions,” she said, when asked how much the country needs to rehabilitate climate change-hit features.“We are not alone. Many of the small countries as well are also needing a great deal of assistance both for adaptation and mitigation,” she added.“Loss and Damage Fund which is really for those losses and damages that are beyond our capacity is critical for this particular COP to actually make happen,” she said.<ul class="op-related-articles">	<li><a href="https://news.abs-cbn.com/spotlight/11/29/23/5-things-to-watch-for-at-cop28-climate-talks">5 things to watch for at COP28 climate talks</a></li>	<li><a href="https://news.abs-cbn.com/news/11/27/23/cop28-philippines-gears-up-for-climate-summit">COP28: Philippines gears up for climate summit, to unveil first-ever pavilion</a></li></ul>Loyzaga did not mention which developed countries have agreed or refused to contribute to the Loss and Damage Fund, saying that negotiations at this point have “been a very contentious process.”“We will really rely on our diplomatic, as well as our other kinds of relationships to the different countries to make sure that we can somehow encourage the contributions from developed countries,” the Environment chief said.“All the negotiations still are ongoing, and that’s why it is extremely important for us to be present here.”The Philippines is also open to “opportunities for the international financial organizations” to finance climate change programs in the country, she said.“There may be opportunities for private sector philanthropist to actually also contribute to this fund. All of this is part of what will be negotiated now in this COP,” she said.“What we are trying to do is make broadly-base financing – one of the approaches as well for the loss and damage fund so that we are not caught up by the sovereign arguments that they cannot afford it because they have other concerns and priorities in terms of their own financing for their own objectives,” she added.Aside from the Loss and Damage Fund, the Philippines will also negotiate on the following climate change-related concerns:<ul>	<li>climate finance</li>	<li>adaptation</li>	<li>mitigation</li>	<li>the global stocktake</li>	<li>the gas transition</li>	<li>global cooperation</li></ul><ul class="op-related-articles">	<li><a href="https://news.abs-cbn.com/spotlight/11/27/23/heat-disease-air-pollution-how-climate-change-impacts-health">Heat, disease, air pollution: How climate change impacts health</a></li></ul>President Ferdinand Marcos Jr. will travel to Dubai on November 30, to lead the Philippines’ 237-member delegation in COP28.He is expected to deliver a speech before world leaders at one plenary session, and is expected to hold bilateral meetings on the sidelines of the climate change summit.The Department of Foreign Affairs said at least a dozen world leaders are expected to meet with the Philippine President, but schedules are still being finalized.Marcos Jr. earlier said that he would urge world leaders to “honor their commitments particularly in climate financing.”<ul class="op-related-articles">	<li><a href="https://news.abs-cbn.com/spotlight/11/23/23/filipinos-urged-to-cooperate-with-govt-in-solving-climate-issues">On Climate Change Consciousness Week, Filipinos urged to cooperate with gov&#x27;t in solving climate issues</a></li></ul><div>RELATED VIDEO</div><figure class="op-interactive"><iframe height="315" src="https://www.youtube.com/embed/4RvgPTc5mSM?enablejsapi=1" width="560"></iframe></figure><div class="iwantbar">Watch more News on <a href="https://www.iwanttfc.com/#!/browse/Genres/News/tag_id_genres/id_news" target="_blank">iWantTFC</a></div>

While the Philippines’ carbon emissions is pegged at less than 1 percent of the world’s total, it is one of the countries that is frequently hit by droughts and typhoons.

PH to push for creation of ‘Loss and Damage’ fund in COP28

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PH to push for creation of ‘Loss and Damage’ fund in COP28

Katrina Domingo,

ABS-CBN News

Published Nov 29, 2023 07:30 PM PHT

Read More:

COP28

Maria Antonia Yulo-Loyzaga

climate change

loss and damage fund

United Nations

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