Green Climate Fund Approves USD 1 Billion in Projects, Including Support for Philippine Green Entrepreneurs
INCHEON, Korea — The Green Climate Fund (GCF) Board has approved USD 1 billion in funding for various climate adaptation and mitigation projects globally, including a significant initiative aimed at empowering green entrepreneurs in the Philippines. The decision was made during the GCF’s 39th board meeting, which took place from July 13 to 18, 2024.
According to Philippines News Agency, this initiative, titled the Collaborative Research and Development Business Programme for Promoting the Innovation of Climate Technopreneurship, is designed to enhance technological transfer and bolster the climate technology ecosystem in the Philippines, as well as in Cambodia, Indonesia, Laos, and Vietnam. Maria Luwalhati Dorotan Tiuseco, the DOF Chief-of-Staff and Undersecretary, who also serves as the GCF Alternate Board Member for the Asia-Pacific Group, represented the Philippines at the meeting.
The program, valued at USD 221.215 million, will distribute funds among the participating countries, with Philippine green entrepreneurs set to benefit significantly from global technological expertise. This initiative is expected to accelerate the development of climate-resilient infrastructures and businesses within these nations. Of the total funding, USD 104.471 million will come directly from GCF grants and equity, while the remaining USD 116.744 million will be provided by co-financers.
This new approval increases the total GCF grant for the Philippines to USD 137.7 million across nine projects. The country is also engaged in four GCF readiness activities, including two under the Readiness and Preparatory Support Program (RPSP). The first RPSP focuses on building the capacity of the DOF to manage and monitor climate finance effectively, while the second aims to enhance the abilities of the Landbank of the Philippines and Development Bank of the Philippines to develop high-quality project concept notes.
During the meeting, Tiuseco also advocated for the integration of REDD+ results-based payments into the regular project and program cycle of the GCF. REDD+, governed by the United Nations Framework Convention on Climate Change, supports efforts to reduce emissions from deforestation and forest degradation, and promotes the conservation and sustainable management of forests. “Implementing REDD+ results-based payments will help transform the existing strategies into a financial mechanism supporting the Philippines’ Nationally Determined Contributions,” Tiuseco remarked.