Manila: The seventh board meeting of the Fund for Responding to Loss and Damage (FRLD) concluded on Thursday, with stakeholders reaching a milestone and marking a decisive step toward making the Fund fully operational and ready to deliver aid to climate change-vulnerable nations.
According to Philippines News Agency, in a press briefing on Friday, FRLD executive director Ibrahima Cheikh Diong described the meeting as 'a turning point' in the global effort to assist countries suffering the most from climate-induced disasters. Diong said pledges to the Fund are now at USD788 million, of which about USD400 million has been released or converted to cash.
He said the meetings held Oct. 7 to 9 in Pasay City resulted in the adoption by the board of critical policies as the Fund moves forward. 'Our board realized that out of the money that has already been pledged and converted into money, into cash flow rate, they wanted to basically set up what they call a standard phase of two years for a USD250 million grant only, USD5 to USD20 million per initiative, and focusing on extreme weather conditions,' he said.
Diong cited other significant outcomes of the Manila meeting, including the finalization of the eligibility, accreditation, and access modalities, ensuring that developing countries can directly apply for grants without the need for lengthy or complex procedures, which has been the biggest challenge in climate finance. He said the targeted allocation of the USD250 million start-up phase will prioritize the most exposed countries.
The board also approved the project cycle and funding criteria, which establish a clear and transparent route for countries to apply for grants. Diong said the grants are intended to cover both extreme weather conditions, such as severe floods and other extreme weather events, as well as slow-onset impacts.
'Now, the keyword here for us is rapid response. In other words, it's not about just supporting those two areas. When and how the response comes to the country is as important as it is,' he said. 'If we come too late, it's not important that we support the country and that's why we are diligently doing our processes so we can be actually efficient, less bureaucratic, accessible, so the money can get back to where it's needed, and that's where we're working,' Diong said.
In his message to the board read by Department of Environment and Natural Resources Secretary Raphael Lotilla, President Ferdinand R. Marcos Jr. urged that the Fund's operations remain 'swift, accessible, and human-centered.' Lotilla explained that the President's call reflects the dual nature of the climate challenge, that is, preparing for the future while repairing the past.
'Both are necessary because it recognizes that while there is a need to continuously adapt to the adverse impact of climate change, we also need to be able to address the damage that has already been caused. So these two are complementary and that's why the President's call that it should be accessible, those that are in the least position to be able to raise the funds, to address the damage that has been caused, must have access to the funds,' he said.
With the policy frameworks in place, Diong said the FRLD Secretariat will finalize operational templates and launch its first call for funding proposals during the 30th Conference of the Parties to the United Nations Framework Convention on Climate Change or COP30 in Brazil in November. The COP30 is the world's most important annual climate summit, where governments negotiate actions to address climate change. 'COP30 will be the COP of implementation. After years of negotiations, we are now ready to deliver,' Diong said.
