NATIONAL
Advocates Philippines
Marcos Jr. Signs Landmark Law To Tackle Climate Change Loss And Damage
Photo credit: PCO
In a significant move to strengthen the Philippines' response to climate change, President Ferdinand R. Marcos Jr. signed into law Republic Act No. 12019, also known as the “Loss and Damage Fund Board Act,” on Wednesday. This new law establishes a powerful mechanism aimed at addressing the devastating impact of climate change, particularly for the most vulnerable communities.
The Loss and Damage Fund Board now has full legal authority to act, thanks to R.A. No. 12019. With a juridical personality, the Board can enter into contracts, manage assets, and even engage in legal proceedings, ensuring it has the tools necessary to meet its mission. This isn't just about reacting to disasters—it's about being proactive in securing a more resilient future.
One of the key highlights of the law is its provision for the Board to work closely with global institutions like the World Bank. By negotiating a hosting arrangement, the Board ensures that the Fund's operations are streamlined and that the Philippines can access critical climate financing quickly.
As a committed player in the global fight against climate change, the Philippines welcomes the creation of this Fund under international agreements like the United Nations Framework Convention on Climate Change (UNFCCC) and the Paris Agreement. The Fund is designed to help developing nations like the Philippines recover from the losses and damages caused by increasingly severe weather events and other climate-related impacts.
The Marcos administration emphasizes a whole-of-government approach, recognizing that tackling climate change requires coordinated efforts across various sectors. By leveraging innovative financing solutions, the government aims to ensure that the country is better prepared for future climate challenges while promoting sustainable and inclusive growth for all Filipinos.
With this new law in place, the Philippines is taking a bold step forward in the global climate fight, ensuring that the country remains resilient in the face of climate change.
The Loss and Damage Fund Board now has full legal authority to act, thanks to R.A. No. 12019. With a juridical personality, the Board can enter into contracts, manage assets, and even engage in legal proceedings, ensuring it has the tools necessary to meet its mission. This isn't just about reacting to disasters—it's about being proactive in securing a more resilient future.
One of the key highlights of the law is its provision for the Board to work closely with global institutions like the World Bank. By negotiating a hosting arrangement, the Board ensures that the Fund's operations are streamlined and that the Philippines can access critical climate financing quickly.
As a committed player in the global fight against climate change, the Philippines welcomes the creation of this Fund under international agreements like the United Nations Framework Convention on Climate Change (UNFCCC) and the Paris Agreement. The Fund is designed to help developing nations like the Philippines recover from the losses and damages caused by increasingly severe weather events and other climate-related impacts.
The Marcos administration emphasizes a whole-of-government approach, recognizing that tackling climate change requires coordinated efforts across various sectors. By leveraging innovative financing solutions, the government aims to ensure that the country is better prepared for future climate challenges while promoting sustainable and inclusive growth for all Filipinos.
With this new law in place, the Philippines is taking a bold step forward in the global climate fight, ensuring that the country remains resilient in the face of climate change.
Aug 29, 2024
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