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“We must significantly increase our investments and develop financing mechanisms in disaster risk reduction. Sustained and predictable data and financing would help address disaster risks better,” Marcos said during the opening ceremony of the Environment Secretary Toni Yulo-Loyzaga earlier said the Philippines will host the next board meeting in December.
“We see having a dedicated fund, which will benefit especially the most vulnerable countries, as very important mainly because then, vulnerable countries will not have to have to make a choice between pursuing the government pathways and having to rehabilitate or recover because then there is already a dedicated fund for the loss and damage aspects of when a cataclysmic event happens,” Cuenca said during a panel on loss and damage on Monday, October 14.
She also pointed out that only $700 million have been pledged so far to the Loss and Damage Fund “when the needs are in the trillions of dollars.”