MANILA – President Ferdinand R. Marcos Jr. has enacted Republic Act No. 12019, the Loss and Damage Fund Board Act, aimed at bolstering the global response to climate change impacts.
Signed into law on Wednesday, RA 12019 grants the Loss and Damage Fund Board juridical personality and legal capacity. This global financial mechanism will support vulnerable nations grappling with climate-induced challenges.
The law, revealed by the Presidential Communications Office (PCO) on Thursday (29 Aug 2024), empowers the Board to manage both immovable and movable properties, engage in legal actions, and negotiate agreements, including a hosting arrangement with the World Bank, which will serve as the interim trustee and host of the Fund’s secretariat.
The Philippines has been chosen to host the Loss and Damage Fund Board, a decision made by the United Nations Framework Convention on Climate Change and the Paris Agreement.
This Fund is designed to aid developing countries in addressing economic and non-economic losses linked to climate change, such as extreme weather events and gradual environmental changes.
As the governing body, the Board will set strategic directions and oversee the Fund’s operations and work programs.
President Marcos highlighted that hosting the Board’s next meeting will enhance the Philippines’ capacity to secure financial support for climate initiatives and address climate impacts.
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