The newly established LDF is a financial lifeline for vulnerable developing countries bearing the brunt of climate change’s devastating impacts. The fund aims to address both the economic and social costs of these impacts, helping vulnerable nations rebuild and adapt.
Serving as the LDF’s decision-making body, the Board must ensure swift and equitable distribution of resources to those facing the harshest realities of climate change.
To do this, Climate Reality Philippines highlights three (3) key areas to focus on:
- Speed and scale: The Board needs to act swiftly to mobilize available resources based on fairness and inclusivity, and in accordance with the recipient countries’ needs, priorities, and systems.
- Direct access and equity: To urgently deliver finance down to the last mile, the Board must ensure that the LDF will not replicate complex and often bureaucratic processes of existing modalities in other climate funds.
- Predictability and certainty: The LDF must establish a reliable system for securing future resources. Its replenishment system should be aligned with the New Collective Quantified Goal on Climate Finance (NCQG).
Financing loss and damage is no easy feat. The LDF Board and its host country need all hands on deck.
In this spirit of collaboration, we urge the Philippine government to ensure the meaningful participation of civil society organizations (CSOs) in shaping the LDF’s structure, rules, and processes.
The LDF Board must open the floor for a wide range of stakeholders to engage in crucial discussions, as well as demand efficiency from the operating entity of the fund. This will strengthen the LDF’s effectiveness and ensure it serves the communities most in need.
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