SyCipLaw Acted as Legal Advisor to the World Bank for the Fund for Responding to Loss and Damage

November 28, 2024

SyCipLaw acted as Philippine legal advisor to the World Bank in its capacity as trustee and secretariat of the Fund for Responding to Loss and Damage (FRLD). The Firm advised World Bank regarding its execution of a Trustee Agreement and a Secretariat Hosting Agreement with the FRLD Board, which agreements were signed during the UN Climate Change Convention (COP29) in Baku, Azerbaijan, on November 12, 2024.

The FRLD was established by the Conference of Parties to United Nations Framework Convention on Climate Change (COP) and the Conference of the Parties serving as the Meeting of the Parties to the Paris Agreement (CMA) as a new funding arrangement designed to assist developing countries deal with loss or damage resulting from the adverse effects of climate change. The establishment of the FRLD has invariably been described as “a breakthrough” and “historic”. It addresses a critical gap in global climate finance, helping vulnerable developing countries manage economic and non-economic loss and damage from climate change.

The SyCipLaw team was composed of Senior Partner and Head of Banking, Finance and Securities Department Philbert E. Varona, Partners Russel L. Rodriguez and Jose Florante M. Pamfilo, and Associates Leo Francis F. Abot, Marcella Maria L. Karaan, and Franco Luis G. Lopez. “The Firm views its role as Philippine legal advisor to The World Bank as critical in ensuring that the FRLD Board is able to function in the Philippines with the legal capacities essential to fulfilling its mandate,” according to Jose, who heads the Firm’s Sustainability and ESG group.