PH set to secure $10-M readiness support from Green Climate Fund

By Anna Leah Gonzales

May 17, 2024, 9:35 am

MANILA – The Philippines is set to benefit from the Green Climate Fund's (GCF) USD10 million new program grant to enhance the government's readiness to address climate hazards.

In a statement late Thursday, the Department of Finance (DOF) said the GCF is an international fund under the global climate treaty, created to support low-emission development and climate resilience projects in developing countries.

The DOF said the grant would accelerate the implementation of climate-resilient projects in agriculture, energy, biodiversity conservation, environment, transportation, and waste, among others.

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," 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.”

The DOF hosted the GCF’s four-day mission to the Philippines on May 7-10 to bolster its access to climate finance, promote locally-led adaptation, catalyze sustainable development initiatives, and mitigate the adverse impacts of climate change across the archipelago.

Among the highlights of the visit was a meeting between GCF leaders and Recto on May 9 to further explore more areas of collaboration.

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

The country receives funding from the GCF for two single-country and six multiple-country projects, and five readiness grants amounting to USD139.9 million.

Four priority project proposals estimated at USD188 million are in the pipeline for GCF funding, which will leverage at least USD119 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." (PNA)