[DISCONTINUED, LATE] The President signed the Loss and Damage Fund Board Act into law on Wednesday, August 28, granting the Conference of Parties juridical personality and legal capacity.
Republic Act No. 12019 will allow the Loss and Damage Fund Board, an international (will continue later)
Notes:
the president has signed RA no. 12019, aka the loss and damage fund board act
this law signed on wednesday grants "juridical personality" and "legal capacity" to the loss and damage fund board, which is a global finance mechanism to help vulnerable states dealing with the effects of climate change
(stuff in the act)
the ph was recently selected to host the board of the loss and damage fund
established through a decision of the parties to the united nations framework convention on climate change and the paris agreement, the loss and damage fund is geared towards aiding developing countries in responding to economic and non-economic loss and damage associated with climate change, including extreme weather and slow-onset events
the board, a decision-making body, is responsible for setting the fund's strategic direction, operations, and work program
marcos said the hosting would give the ph a strong voice (just take something from your initial report on this)
RA DOCUMENT
an act granting juridical personality and legal capacity to the board of the fund for responding to loss and damage due to climate change
sec 1: "it is the policy of the state to protect and advance the right of the people to a balanced and healthful ecology in accord with the rhythm and harmony of nature"
"the state lauds the creation of a fund for responding to loss and damage"
"the state resolutely welcomes the fund's establishment to finance and assist the most vulnerable developing countries' response and recovery from losses and damages caused by climate change"
"to advance climate and disaster risk resilience, the state shall take a whole-of-government approach in creating and implementing effective policy frameworks and mobilizing broad and innovative sources of climate financing to address loss and damage"
"to accelerate access to critical climate finance and investments for future-proofing the economy and ensuring sustainable and inclusive growth for all filipinos, the state supports the hosting of the governing board of the fund in the philippines. towards this end, the state recognizes the need to grant juridical personality and legal capacity to the board to enable it to discharge its roles and functions"
sec 3: " contract; acquire and dispose of immovable and movable property; institute legal proceedings; negotiate, conclude, and enter into a hosting arrangement with the world bank as interim trustee and host of the fund's secretariat; and undertake activities as necessary for discharging its roles and functions"
sec 4: "the board shall enjoy the status, immunities, privileges, and exemptions granted under relevant treaties, international agreements, and agreements that may be entered into between the government of the philippines and the board"
sec 5: "if any portion or provision of this act is declared unconstitutional, the remainder of this act or any provision not affected thereby shall remain in force and effect"
sec 6: " all laws, presidential decrees, executive orders, administrative orders, and rules and regulations inconsistent with this act are hereby repealed, modified, or amended accordingly"
sec 7: "this act shall take effect upon publication in the official gazette or in a newspaper of general circulation"
approved by the speaker of the house of reps, senate president
act was passed by the senate as senate bill no. 2780 on august 19, 2024 and adopted by the house of reps as an amendment to house bill no. 10722 on august 21, 2024
approved: august 28, 2024, signed by the president
