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Philippines gets $10-million climate grant for sustainable development

Business

Philippines gets $10-million climate grant for sustainable development

By Chino S. Leyco

The Department of Finance (DOF) said the Philippines has secured a $10 million grant from the Green Climate Fund (GCF) to enhance resilience and sustainable development.

The DOF said the grant is a crucial step in bolstering the country's readiness to address climate hazards and accelerate climate-resilient projects in all sectors.

The Green Climate Fund, established under the Paris Agreement, focuses on supporting low-emission development and climate resilience initiatives in developing nations.

As the National Designated Authority, the DOF recently hosted a four-day mission, showcasing the Philippines' commitment to accessing climate finance and promoting sustainable development.

During the mission, key discussions centered around a meeting between GCF leaders and Finance Secretary Ralph G. Recto, where the $10 million grant was announced.

Managed by the DOF in collaboration with local Direct Access Entities, this grant aims to drive impactful projects in agriculture, energy, transportation, and other critical areas.

Recto expressed gratitude for the grant, emphasizing the importance of collective action in building a resilient and sustainable future.

By securing this $10 million grant, the DOF said the Philippines demonstrated its commitment to climate resilience and sustainable development.

Related Tags

Department of Finance (DOF) ralph recto Finance Secretary

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