Kenya has lost a bid to host a climate and action fund named the Loss and Damage Fund which will now be hosted by the Phillipines.
In a decision made by the Board of the newly constituted fund, during a closed-door meeting, the Philippines was declared the official host beating seven other contenders.
“On 9 July 2024, at the second meeting of the Board of the Fund for responding to loss and damage, the Board decided to select the Philippines as the host country of the Board of the Fund,” announced the UN.
Kenya was in the running to host the fund alongside Antigua and Barbuda, Armenia, Barbados, Bahamas, Togo, Philippines, and Eswatini.
The fund is expected to compensate for the loss and damage needs of developing countries resulting from the destruction of climate by developed countries.
“In this context, the COP and the CMA also decided to establish a fund for responding to loss and damage whose mandate includes a focus on addressing loss and damage to assist developing countries that are particularly vulnerable to the adverse effects of climate change in responding to economic and non-economic loss and damage associated with the adverse effects of climate change, including extreme weather events and slow onset events," stated the UN.
According to research conducted by international organisations, the loss and damages incurred by developing countries as a result of climate change is estimated to be at Ksh51.3 trillion (USD400 billion) a year.
However, the fund will compensate the developing nations to the tune of Ksh12.8 trillion (USD100 billion).
Further media reports from Philippine News Agencies have indicated that national pledges for the fund are estimated to be at Ksh89.6 billion (USD700 million).
Announcing the news on his platforms, the Philippines President, Ferdinand Marcos, celebrated his country noting that the country was also one of the Global Board members of the Fund.
“We are also honoured to have a seat on the Board itself, ensuring that the Philippines will be a formidable voice in promoting and advancing global climate action—an issue of critical interest to the country,” he added.
According to Marcos, the country’s win to host the fund was a testament to its actions in the fight against climate change.
