PH Secures $52M Climate Fund

The Philippines is set to receive one of the largest allocations in Southeast Asia from the Global Environment Facility (GEF).

In the 8th replenishment cycle of GEF (GEF-8), the Philippines is set to have a total allocation worth $52 million or an estimated ₱2.831 billion, This notes a 38% increase from the last replenishment cycle.

GEF CEO and Chairman Carlos Manuel Rodriguez have stated that the Philippines had over 120 projects and programs which equals over $700 million to date.

According to Environment and Natural Resources Secretary Maria Antonia Yulo-Loyzaga, the Philippines has been “heavily involved” in international projects ranging from agrochemical pollutants to mercury mining.

Loyzaga has mentioned that this fund would be utilized to “build resilient, inclusive, and sustainable communities post-pandemic.”

Before the GEF National Multi-Stakeholder Dialogue held in Taguig City last January 18, the GEF Secretariat paid a courtesy visit to the DENR Secretary, a day before.

For Loyzaga, the Philippines “deeply values the consultative process in designing integrated approaches necessary to address the intersectionality of development, climate change, biodiversity, and disaster resilience and adopt a comprehensive risk management approach that integrates a system lens and optimizes the resources available to improve quality of life.”

She adds that the Philippines will continue to work alongside the GEF in building national commitments and institutionalizing capacities to make these commitments into meaningful actions to support sustainable development since the GEF-8 asks for a transformational and systematic strategy that would answer the calls of the urgency of raising global climate ambition.

Source: Business Mirror