Philippines to secure $10-M grant from Green Climate Fund — DOF

The Philippines is set to secure a $10-million grant from the Green Climate Fund (GCF) that will be utilized to boost the government’s capacity to address climate hazards, the Department of Finance (DOF) said Thursday.

In a statement, the DOF said it recently hosted the GCP’s four-day mission to the Philippines (May 7–10, 2024).

Among the highlights of the four-day mission was a meeting between GCF leaders and Finance Secretary Ralph Recto to further explore more areas of collaboration.

In particular, GCF Director Jerry Velasquez announced a possible grant of $10 million to the Philippines in order to bolster the government’s readiness to address 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.

The DOF said the grant is seen to accelerate the implementation of climate-resilient projects in the sectors of agriculture, energy, biodiversity conservation, environment, transportation, and waste, among others, in collaboration with the Philippines’ Direct Access Entities (DAE) to the GCF, such as the Land Bank of the Philippines (LBP), Development Bank of the Philippines (DBP), and candidate DAE, the Foundation for the Philippine Environment (FPE).

The Finance Department said the People's Survival Fund (PSF), which champions adaptation, risk financing, and loss and damage implementation at the local level, is being considered to harness the potential of the grant.

“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. 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,” Recto said.

The Philippines currently serves on the GCF Board with Finance Undersecretary Maria Luwalhati Dorotan Tiuseco as an Alternate Board Member, representing the developing countries of the Asia Pacific.

The DOF said it oversees the country’s access to the climate fund and coordinates with the Climate Change Commission (CCC), National Economic and Development Authority (NEDA), Department of Environment and Natural Resources (DENR), and other relevant government agencies on programs and projects submitted by the national and international proponents to ensure that they are aligned with the country's interests, priorities, and commitments. —VBL, GMA Integrated News