PH to get $10-M ‘green climate’ grant
Sustainability program

PH to get $10-M ‘green climate’ grant

/ 02:22 AM May 18, 2024

MANILA — The Philippines is set to bag a $10-million grant from the Green Climate Fund (GCF) to support the government’s capacity to address climate hazards, the Department of Finance (DOF) said.

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

In a statement, the DOF said the new program had been announced by GCF director Jerry Velasquez during a four-day mission in the Philippines on May 7 to May 10 meant to bolster the country’s access to climate finance.


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 Asia-Pacific.


READ: PH gets board seat in new global climate fund

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

Aiding local communities

The People’s Survival Fund (PSF)—dedicated to adaptation, risk financing as well as loss and damage implementation at the local level—is being considered to harness the potential of the grant.

“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,” Finance Secretary Ralph Recto said.

READ: PH agri climate resilience project gets P2.2B in UN funding

The Philippines is frequently hit by disasters that have gotten stronger through the years due to climate change.


Priority projects

The country currently receives funding from GCF for two single-country and six multiple-country projects, alongside five readiness grants valued at $139.9 million.

Meanwhile, four priority project proposals are in the pipeline estimated at $188 million for GCF funding, which will leverage at least $119 million worth of co-financing from the government and other partners.

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“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,” Recto said. —Ian Nicolas P. Cigaral

TAGS: Green Climate Fund (GCF)

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