MANILA – Canada has pledged to support the Philippines’ climate action projects until 2026 through its USD5.3 billion international climate finance, Malacañang said on Wednesday.
“The Philippine government and the United Nations Development Program (UNDP) are working in collaboration with Canada to reduce the climate finance gap through natured-based solutions projects to be funded under a USD5.3-billion climate finance commitment,” Presidential Communications Office (PCO) Secretary Cheloy Garafil said in a statement.
Canada bolsters its support for the Philippines in promoting biodiversity conservation, climate change mitigation, adaptation and resilience with consideration for gender equality, Garafil said, citing the statement of Global Affairs Canada Climate Finance Executive Director Andrew Hurst.
Hurst also gave assurance that Canada would stay engaged in the Philippines, both in climate finance and bilateral assistance program.
Hurst said the project covers activities that include research and knowledge sharing, adding that its goal is to address a number of persistent issues through a single intervention or in an integrated way.
“That includes trying to reduce poverty, trying to address gender inequality…trying to support communities that are often dependent on nature for their livelihoods while also looking to conserve and sustain…biodiversity,” Hurst said, as quoted by the PCO.
He expressed hope that some of the efforts undertaken in the project “can really generate some ideas and form some creative solutions that themselves may have a life beyond the end of the project”.
He also noted the diversity of stakeholders involved in the project, from the local level, communities, national government, and private sector, stressing that the uniqueness of arrangements could stimulate more efforts on cooperation in the future.
“To the extent that good things come out of this project, then the results that are generated will continue to look for opportunities to build on and also work together in the future,” Hurst said.
“It’s also looking at ways to encourage private sector both international and Philippines investors looking for opportunities to invest in these kinds of solutions,” he added.
In 2021, Canada doubled its international climate finance from USD2.65 billion to USD5.3 billion to further strengthen its ability in helping developing countries transition to low-carbon, climate-resilient, nature-positive and inclusive sustainable development. (PNA)