HomeEquality & JusticePhilippine green activists welcome pledge to set up 'Loss and Damage Finance...

Philippine green activists welcome pledge to set up ‘Loss and Damage Finance Fund’

The deal is a "cornerstone of a new and long-overdue fund to deliver vital support to vulnerable countries and communities"

Environmental activists from the Philippines welcomed the COP27 agreement to establish a “Loss and Damage Finance Fund” as an important foundation in building toward climate justice.

“The agreement for a Loss and Damage Finance Fund marks a new dawn for climate justice,” said Yeb Saño, Greenpeace Southeast Asia executive director and head of the Greenpeace delegation at COP27.

He described the deal as a “cornerstone of a new and long-overdue fund to deliver vital support to vulnerable countries and communities who are already being devastated by the accelerating climate crisis.”



Various activist groups, however, stressed the need for “urgent and significant action” locally.

“Going forward in the discussions on the details of the Fund, we need to ensure that the countries and corporations most responsible for the climate crisis make the biggest contribution,” said Saño.

He said that it would new and additional finance for developing countries and climate vulnerable communities “not just for loss and damage but also for adaptation and mitigation.”

“Developed countries must make good on the existing US$100 billion per year pledge to support low-income countries in delivering carbon-cutting policies and increasing resilience to climate impacts,” said Saño.

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“They must also implement their commitment to at least double funding for adaptation,” he added.

Filipino youth and community leaders who were present at the UNFCCC COP 27 in Egypt highlighted how solidarity among frontline communities and developing countries most impacted by the climate crisis contributed to the successful establishment of the loss of damage fund, which is considered as a key win in the continuing action for climate justice.

“Countries already experiencing climate impacts must not forget that loss and damage is not just a matter of compensation or reparation,” said Derek Cabe, community organizer and coordinator for the Nuclear and Coal-free Bataan Movement.

“It’s also about holding corporations and nations–especially those in the Global North–accountable,” he said.

Jefferson Estela, lead convenor for the Youth Strike 4 Climate Philippines, said the agreement “is a pivotal moment.”

“But so long as countries refuse to phase out fossil fuels, real justice will not prevail. For now, this is the victory of the people; tomorrow, we will watch,” said Estela.

In a statement, Greenpeace said it believes that the Philippine government must use the moment “to strengthen their support for local communities by demanding accountability from the biggest climate-polluting nations and fossil fuel companies.”

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