The Philippines is poised to receive a significant boost in its climate resilience efforts with a $10-million grant from the Green Climate Fund (GCF). This funding, aimed at enhancing the government's capacity to combat climate hazards, marks a pivotal step in the nation’s ongoing commitment to sustainable development and climate adaptation.
The announcement came during a four-day mission hosted by the Department of Finance (DOF) from May 7 to 10, 2024, where GCF leaders engaged in fruitful discussions with key Philippine officials. One of the mission’s highlights was a meeting between GCF Director Jerry Velasquez and Finance Secretary Ralph Recto, who explored additional areas of collaboration. Velasquez confirmed the $10-million grant, emphasizing its potential to fortify the government's readiness to tackle climate-related challenges.
“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 stated.
Accelerating Climate-Resilient Projects Across Key Sectors
The GCF grant will expedite the implementation of various climate-resilient projects across multiple sectors, including agriculture, energy, biodiversity conservation, environment, transportation, and waste management. This initiative will be carried out in collaboration with the Philippines’ Direct Access Entities (DAE) to the GCF, such as the Land Bank of the Philippines (LBP), Development Bank of the Philippines (DBP), and the candidate DAE, the Foundation for the Philippine Environment (FPE).
The DOF highlighted that the People's Survival Fund (PSF), which focuses on adaptation, risk financing, and loss and damage implementation at the local level, is being considered to harness the potential of this grant effectively. The integration of these funds is expected to significantly enhance the nation’s ability to implement robust climate adaptation strategies.
A Model for International Cooperation in Climate Action
As the Philippines currently serves on the GCF Board with Finance Undersecretary Maria Luwalhati Dorotan Tiuseco as an Alternate Board Member, the nation continues to play a crucial role in representing the interests of developing countries in the Asia Pacific region. The DOF oversees the country’s access to the climate fund, coordinating with the Climate Change Commission (CCC), National Economic and Development Authority (NEDA), Department of Environment and Natural Resources (DENR), and other relevant government agencies to ensure alignment with national priorities and commitments.
