May 17, 2024 - 16:29
By manilatimes.net

DoF to secure $10-M climate fund

THE Department of Finance (DoF) has successfully hosted the Green Climate Fund's (GCF) four-day mission to the Philippines, allowing the country to benefit from the Fund's new program grant worth $10 million that can help the government address climate hazards.

The four-day mission was held on May 7 to 10.

GCF Director German Velasquez announced the possible grant support of $10 million to the country that would help address climate hazards, in addition to the Fund's ongoing programs.

Finance Secretary Ralph Recto expressed his gratitude for the grant, saying it will secure a «resilient and sustainable future for the generations to come.»

«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.

«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,» he added.

The grant, the Finance Department said, will bolster the government's efforts in carrying out climate-resilient projects in sectors such as agriculture, energy, environment, transportation and waste disposal.

This will be in collaboration with the Philippines' Direct Access Entities to the GCF — the Land Bank of the Philippines, Development Bank of the Philippines and Foundation for the Philippine Environment.

Meanwhile, the People's Survival Fund — focuses on adaptation, risk financing, and loss and local level damage implementation — is also being considered to utilize the potential of the grant.

So far, the country has received funding from GCF for two single-country and six multiple-country projects, and five readiness grants valued at $139.9 million.

Also, four priority project proposals were said in the pipeline estimated at $188 million for GCF funding, leveraging at least $119 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,»