Key Impact Points
- Strategic Climate Finance: The UNDP, in collaboration with the Philippines’ Department of Finance, is developing a climate finance strategy to support sustainable development and climate action projects.
- Mobilizing Resources: The strategy focuses on mobilizing funds from public, private, and alternative sources to support national climate change mitigation and adaptation efforts.
- International and Local Partnerships: Key partnerships with the UK FCDO, Government of Canada, and the Green Force aim to enhance access to international climate finance and local disaster response funds.
Overview
The United Nations Development Programme (UNDP) is spearheading a comprehensive climate finance strategy for the Philippines, designed to address the country’s increasing need for financial solutions to combat climate change. This initiative, supported by the Climate Finance Network (CFN) and Accelerating Green and Climate Finance (AGCF) Project, is funded by the United Kingdom Foreign, Commonwealth and Development Office (UK FCDO) and the Government of Canada.
Mobilizing Climate Finance for Action
The climate finance strategy will link financial resources to actionable climate change projects across various sectors, including infrastructure, agriculture, energy, and transportation. At a workshop led by UNDP and the Philippine Department of Finance (DOF), members of the Inter-Agency Task Force on Sustainable Finance (Green Force) and other stakeholders gathered to discuss how best to advance the climate finance agenda.
Dr. Selva Ramachandran, UNDP Philippines Resident Representative, emphasized the urgency of financing to address the climate crisis:
“The effects of the recent typhoons remind us why Sustainable Development Goal No. 13 or Climate Action is urgently needed in the Philippines.”
The strategy aims to consolidate funds from various sources and align spending with the Philippines’ National Adaptation Plan (NAP) and Nationally Determined Contributions (NDCs). These projects will support local government units and national agencies in addressing climate change impacts.
Related Article: UNDP, GRI, IFRS, ISO Partner to Establish Sustainability Disclosure and Management Hubs Across Developing Economies
Partnerships and Financing Mechanisms
The strategy builds on the Sustainable Finance Roadmap, introduced by the Green Force, to focus on climate-friendly investments and solutions. Collaborators aim to address gaps in financing, access to international funds, and provide support for communities impacted by climate change.
Change the World - Subscribe Now
Usec. Maria Luwalhati Dorotan Tiuseco of the DOF Climate Finance Policy Group (CFPG) highlighted the importance of empowering both national and local stakeholders in the climate fight:
“We look forward to identifying possible needs to bridge the gaps in our shared financing requirements to implement our climate action through a whole-of-nation approach.”
The Green Force also focuses on helping communities access the People’s Survival Fund (PSF), which aids disaster response and mitigation in the country.
International Support for the Philippines
Alistair White, Deputy Head of Mission at the UK FCDO, underscored the importance of climate finance in the UK’s partnership with the Philippines:
“Finance for climate action is a key pillar in our partnership with the Philippines. Increasing the quantity, quality, and accessibility of financing is a priority.”
Similarly, John Lok, Head of Cooperation at the Embassy of Canada to the Philippines, expressed Canada’s commitment to supporting the country’s transition to a sustainable economy:
“Canada will continue to support countries including the Philippines in their efforts to transition to low-carbon, climate-resilient economies.”
Strengthening Collaboration and Future Goals
The strategy workshop, attended by representatives from national government agencies, private sector stakeholders, and international organizations like the Asian Development Bank, centered on enhancing collaboration across sectors. The group plans to co-pilot climate finance solutions that may be presented at the UN Climate Change Conference (COP29) in Baku, Azerbaijan, in November 2024.
The goal of this collaboration is to strengthen the Philippines’ capacity to access and utilize international climate finance while addressing pressing climate challenges through a whole-of-nation approach.
