Philippines Chosen to Host U.N. Climate Fund Board
Summary: The Philippines has been chosen to host the U.N.’s “Loss and Damage” fund board, a significant move aimed at aiding countries impacted by climate change. This decision, made during U.N. negotiations, highlights the Philippines’ role in shaping global climate policy and addressing the Asia-Pacific region’s climate challenges. The World Bank will temporarily oversee the fund for four years, although there are concerns about the influence of powerful countries like the U.S. The Philippines must pass necessary legislation to assume this role officially and is expected to push for stronger commitments from developed countries. The “Loss and Damage” fund, established at COP27 in 2022, aims to support vulnerable countries, emphasizing the need for global cooperation on climate issues.
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