Multilateralism is the 'only viable platform' for climate action: Philippines environment chief

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Eco-Business 1d ago

Multilateralism is the 'only viable platform' for climate action: Philippines environment chief - Eco-Business

Quick Summary:

The Philippines, as loss and damage fund board host, remains committed to the process of collective negotiation, says Maria Antonia Yulo-Loyzaga, at the board's first meeting hosted in Manila.

Disasters and impacts are estimated to cost developing countries at least US$447-894 billion a year by 2030, but so far the fund has only received unconfirmed pledges of US$731 million, including new commitments made at COP29 from Australia, Belgium, Luxemburg, New Zealand and Sweden.

Campaigners protesting in front of the Philippine International Convention Center in Pasay City to demand that developed countries’ governments fill the Fund for Responding to Loss and Damage (FRLD).