COP29 is taking place from Nov. 11 to 22 in Baku. (Photo: UN Climate Change - Kamran Guliyev)
The United Nations Climate Summit (COP29) is currently in full swing, with ASEAN member states, consisting of developing countries, actively participating. RECCESSARY will closely monitor the actions and statements of ASEAN countries during the conference and provide ongoing updates to this article.
Philippines to lead Loss and Damage Fund Board for climate vulnerable communities
On the second day of the COP29, the Philippines signed the Host Country Agreement (HCA), formally taking responsibility for managing the United Nations' Loss and Damage Fund. This move positions the Philippines to play a key role in coordinating climate recovery and reconstruction efforts for vulnerable nations and paves the way for future climate finance advocacy for the country.
The establishment of the Loss and Damage Fund aims to assist countries severely impacted by climate change, enabling them to recover and rebuild when they are unable to do so on their own. Under this initiative, developed nations will provide financial support. The Philippines was selected in July of this year as the host country for the Fund, acting as a communication bridge between the World Bank and the 26 member countries.
Philippine Environment Secretary Maria Antonia Yulo-Loyzaga, who attended the agreement signing, stated, "we are fully committed to ensuring its smooth, transparent, and effective operations, and the signing of this agreement establishes the framework and services for the Board to function in the Philippines." She also emphasized the importance of the Philippines' role as host country.
According to the official COP29 press release, the Fund, combined with Sweden’s recent pledge of $19 million, now totals $720 million. The United Nations Environment Programme (UNEP) cites a study revealing that global damages from climate change amount to at least $2.8 trillion, equating to a loss of $16 million per hour.
