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Manila Bulletin devider Business devider UN's Green Climate Fund accredits DBP

UN's Green Climate Fund accredits DBP

Published Jul 16, 2021 01:20 pm

The Development Bank of the Philippines (DBP) just gained the distinction of becoming the second local institution and one of 10 foreign ones accredited by the United Nations-backed Green Climate Fund (GCF) for climate mitigation and adaptation initiatives in developing countries.

This allows the bank to channel support of up to US$250-million per project or program.

“We are honored to be in the select roster of organizations working together to mitigate climate change on a global scale," remarked DBP President and Chief Executive Officer Emmanuel G. Herbosa.

DBP President and Chief Executive Officer Emmanuel G. Herbosa

The United Nations Framework Convention on Climate Change (UNFCCC), along with 194 governments,

created the GCF in 2010.

GCF's mandate was to provide financing and technical support to developing countries to shift to low-emission and climate resilient development while helping vulnerable societies adapt to the inevitable impact of climate change.

Accredited Entities (AEs), like the DBP, and delivery partners, which work directly with developing countries for project design and implementation, can tap the GCF.

The fund provides support via a combination of grants, concessional debt, guarantees or equity instruments to leverage blended finance and crowd-in private investment for climate action in developing countries.

The DBP is one of only 113 accredited AEs globally, 57 of which are national agencies, Herbosa pointed out.

At present, DBP is in talks with potential development partners who can formulate and implement responsive projects centered on green energy, energy efficiency, waste management, and disaster resilience projects, among others.

"We envision GCF as an additional source of highly-concessional loans or even grants to expand our reach and to scale up DBP's environmental and climate-related programs and advocacies," Herbosa explained.

"This includes complementing the programs of other government and non-government agencies in line with the 'Build Back Better' strategy and 'whole-of-government' approach," he explained.

DBP is the sixth largest bank in the country in terms of assets and provides credit support to four strategic sectors of the economy – infrastructure and logistics; micro, small and medium enterprises; the environment; and social services and community development.

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GREEN CLIMATE FUND DBP BECOMES UN-ACCREDITED ENTITY dbp president emmanuel herbosa UNFCCC
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