MANILA -Land Bank of the Philippines is supporting the local weather bureau’s funding contribution to a $22-million project backed by the Green Climate Fund (GCF) and intended to enable communities to take better preemptive measures against natural calamities.
The Philippine Atmospheric, Geophysical and Astronomical Services Administration (Pagasa) is committed to provide $12 million and the South Korea-based GCF a $10-million grant for the project dubbed “Multi-Hazard Impact-Based Forecasting and Early Warning System for the Philippines” or the “IBF-Ph Project.”
“Landbank welcomes the opportunity of working with Pagasa and other development partners to advance sustainable finance and contribute to addressing the challenges of climate change,” bank president and chief executive Cecilia Borromeo said in a statement.
“We look forward to the successful implementation of the IBF-Ph Project, as part of our broader thrust of promoting sustainable development,” Borromeo added.
Risk mitigation
IBF-Ph Project is aimed at addressing the challenges related to climate hazards by communicating what the weather “will do” rather than what the weather “will be.”
The project seeks to combine the best available science and local knowledge on forecasting and risk assessment, instead of generating standardized information based on thresholds and lead times.
IBF-Ph Project will run until 2027, with the end-goal of institutionalizing impact-based forecasting and integrating early warnings into investment and policy decisions.
Piloted runs will be done in the disaster-prone areas of Palo, Leyte; New Bataan, Davao de Oro; Tuguegarao City; and Legazpi City.
Further, the project is the very first GCF-approved project in the Philippines, with Pagasa as the lead executing entity and Landbank serving as a “direct access entity” to ensure that the project is compliant with GCF policies and standards.
Also implementing the project are the Department of Interior and Local Government, Office of Civil Defense, Mines and Geosciences Bureau, the United Nations’ World Food Program and the local governments of Tuguegarao City, Legazpi City, Palo, and New Bataan.
Also helping in the project are the National Economic and Development Authority, Department of Finance, Climate Change Commission, and the Philippine Commission on Women.