Green entrepreneurs get access to $221 million funding

MANILA, Philippines — The Philippines has secured a financial boost of $221 million (P12.9 billion) that will help empower green entrepreneurs in the country.

The Department of Finance said the Philippines is one of the recipients of the Collaborative Research and Development Business Program for Promoting the Innovation of Climate Technopreneurship as approved by the Green Climate Fund (GCF) Board.

The $221-million program will be divided among recipient countries, including the Philippines, to facilitate technological transfer and improve the local ecosystem for climate technology by empowering local entrepreneurs.

Other recipients include Cambodia, Indonesia, Laos and Vietnam.

The program will allow Philippine green entrepreneurs to leverage global technological expertise and accelerate climate-resilient development in the country.

Of the total cost, $116.7 million will come from the co-financer’s contributions while the remaining $104.5 million will be financed by GCF through grants and equity.

The recently approved project forms part of the aggregate $1 billion worth of climate adaptation and mitigation projects approved by the GCF.

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

The newly approved funding brings the GCF’s total grant to the Philippines to $137.7 million for nine projects.

The Philippines is implementing four readiness activities with the GCF.