Guidelines on Loss and Damage Fund to be finished before year-end
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NewsTranscript
00:00Department of Environment and Natural Resources or DENR Secretary Maria Antonia Yulo-Loyzaga
00:08revealed there will be a meeting in December where it is expected that the guidelines for
00:12the Loss and Damage Fund will be signed by the United Nations Framework Convention on
00:17Climate Change.
00:18The Loss and Damage Fund was created to raise funds to provide financial aid to nations
00:23that have suffered damage due to the effects of climate change.
00:27Among the possible uses of the fund are for the infrastructure and agricultural damage
00:32as well as the loss of lives.
00:34Currently, some $700 from pledges of various nations have been raised.
00:39Countries considered to be vulnerable to climate change and activities of rich nations that
00:44affect the environment will be prioritized.
00:47On climate vulnerable countries in terms of who will be able to avail, I have to say small
00:55island development states and Africa, they are prioritized rather than the Philippines.
01:03We know how serious their problems are.
01:07So the small island development states, particularly in the Pacific, they are all here.