Philippines chosen to host climate 'loss and damage' fund board
The Hindu
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.
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.
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.
Philippine President Ferdinand Marcos Jr announced his country's election from a pool of seven contenders in a post on X on Tuesday.
Hosting the board, Marcos said, "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".
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.
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