The Department of Finance (DOF) and the United Nations Development Program (UNDP) have committed to draw up a comprehensive climate finance strategy for the Philippines, in a bid to streamline funding solutions for climate action in the country.
“Aside from adaptation and mitigation measures across infrastructure, industry, agriculture, energy, and transportation, the climate crisis also demands financing to make all these actions possible,” Selva Ramachandran, UNDP Philippines Resident Representative, said in a statement on Monday.
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The Climate Finance Strategy, which will be implemented by finance regulators such as the Bangko Sentral ng PIlipinas, DOF, Securities and Exchange Commission, aims to link funding directly to climate action.
The strategy seeks to collect resources for climate projects, simplify funding from different sources, align public spending with national goals, and encourage private sector investments in climate-friendly initiatives.
“It also builds on funding opportunities from the National Adaptation Plan and the Nationally Determined Contributions Implementation Plan, led by the Department of Environment and Natural Resources and the Climate Change Commission,” the statement said.
Both the UNDP and DOF are working to help the government access international climate finance funds. —Mariedel Irish U. Catilogo INQ