The Department of Finance (DOF) said Friday it secured a $10-million grant from the Green Climate Fund (GCF) to bolster the government’s readiness in addressing climate hazards.
The GCF is an international fund under the global climate treaty––the Paris Agreement under the United Nations Framework Convention on Climate Change (UNCCC)––created to support low-emission development and climate resilience projects in developing countries.
“It is our desire that this partnership with the GCF will deliver a powerful message and serve as a promising model to the international community in striking collective action in addressing climate change,” Finance Secretary Ralph Recto said.
“The projects that will be developed with the GCF will not only have a lasting impact on our local communities, but also globally in building a more secure and sustainable world,” he said.
Under the stewardship of the DOF, the grant will accelerate the implementation of climate-resilient projects in agriculture, energy, biodiversity conservation, environment, transportation and waste in collaboration with the Philippines’ Direct Access Entities (DAE) to the GCF––the Land Bank of the Philippines (LBP), Development Bank of the Philippines (DBP), and as candidate DAE, Foundation for the Philippine Environment (FPE).
The Philippines receives funding from GCF for two single-country and six multiple-country projects, and five readiness grants valued at $139.9 million.
Meanwhile, four priority project proposals in the pipeline were estimated at $188 million for GCF funding which will leverage at least $119 million worth of co-financing from the government and other partners.
“Through our partnership with the Department of Finance, we are committed to unlocking the full potential of climate finance in the Philippines,” GCF director for mitigation and adaptation German Velasquez said.
“Our focus is on identifying and supporting projects that not only address climate challenges, but also promote sustainable development and resilience,” he said.
