On Wednesday, August 28, President Ferdinand Marcos Jr. signed Republic Act No. 12019 establishing the juridical personality and legal capacity of the Loss and Damage Fund board.
This board, based in the Philippines, is made up of 26 member Parties to the United Nations Framework Convention on Climate Change and the 2015 Paris Agreement. It will manage a fund that aims to help vulnerable countries deal with the inevitable and irreversible effects of climate change.
The Loss and Damage Fund Board Act gives the board the authority to:
- Enter into contracts
- Own and manage properties
- Take legal action
- Negotiate and finalize the hosting agreement with the World Bank, which will be the interim administrator and host for the Fund's secretariat
- Take any necessary steps to fulfill its responsibilities
Additionally, the board is entitled to the status, immunities, privileges, and exemptions granted under the relevant treaties and agreements with the Government of the Philippines.
In a Senate hearing on August 5, presided over by Senator Imee Marcos, Environment Undersecretary Analiza Rebelta-Teh mentioned that the World Bank is required to follow the decisions made by the Loss and Damage Fund board. The World Bank will manage the fund for an initial four-year period with an independent secretariat.
