DOF leads intensified climate action initiatives in 2023

The Department of Finance (DOF), under the leadership of Secretary Benjamin E. Diokno, has led intensified climate action initiatives in 2023 amid escalating challenges of global warming.

In January, the DOF and the Agence Française de Développement (AFD) had a ceremonial exchange of loan agreement following the signing of the EUR 150 million (about PHP 9.11 billion) policy-based loan for the Climate Change Action Program, Subprogram 1 (CCAP1) to help the Philippines heighten its efforts to mitigate and adapt to climate change.

The AFD and the Asian Development Bank (ADB) are supporting the Philippines’ ambitions to scale up its climate action with a combined policy-based loan amounting to EUR 390 million (about PHP 23.7 billion), including the EUR 150 million (about PHP 9.1 billion) mobilized by AFD in addition to the US$ 250-million (about PHP 13.9 billion) loan extended by the ADB for the CCAP1. The program aims to support the country in achieving its Nationally Determined Contribution (NDC) commitments and in its efforts to assist vulnerable sectors in the transition to a resilient, low-carbon economy.

In March, the Green Climate Fund (GCF) Board approved the Adapting Philippine Agriculture to Climate Change (APA) Project amounting to US$ 39.2 million (about PHP 2.2 billion), financed by the GCF through a grant of US$ 26.3 million (about PHP 1.5 billion) and Philippine government co-financing of US$ 12.9 million (about PHP 718.8 million).

The Project builds on the Adaptation and Mitigation Initiative in Agriculture (AMIA) led by the Department of Agriculture (DA) through activities that will help the country shift towards a climate-resilient agricultural system and increase climate resilience in rural areas.

The People’s Survival Fund (PSF) Board, chaired by Secretary Diokno, approved grants totalling PHP 579 million in 2023 in order to help LGUs pursue their climate adaptation projects.

President Ferdinand R. Marcos, Jr. officially presented the PSF Resolutions approving the historic amount of over PHP 541 million for newly approved climate adaptation projects to LGU beneficiaries in December.

The approval of the said new projects brought the total number of