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Loss and Damage Fund

(For Education Purpose Only)

Let's pray and give a little help to those affected by the typhoon just so that somehow we can help our country and ourselves And in other countries

President Ferdinand ''Bongbong'' Marcos Jr earlier said allowing the Philippines to host the Loss and Damage Fund would symbolize inclusivity and will also ensure that the needs of the countries most affected by climate change would be addressed.

The establishment of a Loss and Damage Fund was, for many, the highlight of the United Nations Climate Conference (COP 27) and the culmination of decades of pressure from climate-vulnerable developing countries. The fund aims to provide financial assistance to nations most vulnerable and impacted by the effects of climate change.

The Philippines, along with other developing nations, has been pushing for the creation of a loss and damage fund to respond to the adverse impacts of climate change, noting that while the carbon emission of developing countries is miniscule versus global levels, it is disproportionately affected by extreme weather events.

The conference in Dubai marks the culmination of the “Global Stocktake,” an evaluation of nations’ progress to date on reaching key provisions of the Paris Agreement, particularly with reference to climate resilience, curbing greenhouse gas emissions and the mobilization of funds for the world’s most vulnerable countries.

President Ferdinand R. Marcos, Jr, said the Philippines is pushing for loss and damage financing and a just transition. The country also expressed its intent to host the Loss and Damage Fund during the World Climate Action Summit.

Read The Full Article Here⬇️

https://www.gmanetwork.com/news/topstories/nation/890965/marcos-to-seek-support-from-asean-members-on-bid-to-host-loss-and-damage-fund-says-dfa-exec/story/