Philippines gets P575 million to address climate change

MANILA, Philippines — The Philippines has secured a financial boost of P575 million ($10 million) to ramp up its programs aimed at addressing the worsening impacts of climate change.

In a statement, the Department of Finance said the Philippines is set to benefit from the new program grant of the Green Climate Fund (GCF) worth P575 million.

This came after the GCF recently concluded a four-day mission in the country to improve access to climate finance and catalyze sustainable development initiatives that would mitigate impacts of climate change.

The GCF is an international fund under the global climate treaty, the Paris Agreement of the United Nations Framework Convention on Climate Change. It was created to support low-emission development and climate resilience projects in developing countries such as the Philippines.

The GCF’s latest grant to the Philippines will accelerate the implementation of climate-resilient projects in the sectors of agriculture, energy, biodiversity conservation, environment, transportation and waste, among others.

The People’s Survival Fund, which champions adaptation, risk financing and loss and damage implementation at the local level, is being considered to harness the potential of the grant.

Finance Secretary Ralph Recto said projects to be developed with the GCF would not only impact local communities but will also help build a more secure and sustainable future.

The Philippines currently 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 worth $188 million are in the pipeline for GCF funding that will leverage at least $119 million worth of co-financing from the government and other partners.

 The GCF mission also focused on private sector involvement in financing climate solutions, as well as employing innovative approaches and technologies in driving sustainable development.