The Department of Finance recently obtained a $6.78-million technical assistance grant from the Green Climate Fund to strengthen the Philippines' capacity to access climate finance.
Finance Undersecretary Joven Z. Balbosa welcomed the approval of the grant, stating that it is an investment in the Philippines' ability to turn climate ambition into action and deliver lasting benefits for the Filipino people.
The grant, which marks the first time a country in the Asia-Pacific has accessed GCF readiness support for the fund's second replenishment period covering 2024 to 2027, is expected to help mobilize more international climate financing for projects that enhance climate resilience, strengthen food and water security, support the transition to cleaner energy, and protect vulnerable communities.
The 60-month program will strengthen coordination among key climate agencies, develop a pipeline of projects aligned with national priorities, and improve knowledge management and monitoring systems.
The Global Green Growth Institute will serve as the Department of Finance's delivery partner, while the United Nations Development Programme and Deutsche Gesellschaft für Internationale Zusammenarbeit will act as co-implementers.
The Department of Finance is also preparing a second proposal under the GCF Country-Driven Readiness window, which could provide up to $3 million in additional grant funding.
The Department of Finance will lead the efforts to access climate financing and ensure projects align with national priorities as the country's National Designated Authority to the Green Climate Fund.
