DOF secures $6.78-M grant for 5-year climate project
The Department of Finance (DOF) has secured a $6.78-million technical assistance grant from the Green Climate Fund (GCF) to strengthen the country’s capacity to develop and implement climate investment projects over the next five years.
The Philippines is the first country in Asia and the Pacific to access readiness support under the funding cycle.
In a statement on Tuesday, the DOF said the grant, which does not have to be repaid, was approved under the GCF’s second replenishment period covering 2024 to 2027.
The DOF said it was also preparing a second proposal under the GCF’s Country-Driven Readiness window, which could unlock up to $3 million in additional grant support.
The latest grant is set to finance the Third Readiness and Preparatory Support Programme (RPSP 3), a 60-month initiative designed to help the Philippines prepare and roll out more climate investment projects in line with the National Adaptation Plan (NAP) and the Nationally Determined Contribution Implementation Plan (NDCIP).
Food security
Further, the program is expected to attract more international climate financing while supporting projects on climate resilience, food and water security, clean energy and the protection of vulnerable communities.
Other goals include improving coordination among government agencies, building a stronger pipeline of climate projects and enhancing systems for monitoring and knowledge sharing.
“We welcome the GCF’s approval of this grant. More than financial support, it is an investment in the Philippines’ ability to turn climate ambition into action and deliver lasting benefits for the Filipino people,” Finance Undersecretary Joven Balbosa said.
For its part, the GCF said the readiness grant would help strengthen climate action in the Philippines by enhancing institutional capacity, reinforcing existing coordination mechanisms and accelerating the development of a pipeline of climate projects.
The RPSP 3 will be implemented in partnership with the Global Green Growth Institute, the United Nations Development Programme, and Deutsche Gesellschaft für Internationale Zusammenarbeit.
It was developed through consultations led by the DOF with key government agencies, including the Department of Environment and Natural Resources, Climate Change Commission, Department of Agriculture and Department of Science and Technology.
