Philippines eyes $10 million climate financing

MANILA, Philippines —   The Philippines is seeking to access up to $10 million in climate financing as the country advocates for key reforms to accelerate funding access for developing nations at the 42nd Board Meeting of the Green Climate Fund (GCF).

Through the Department of Finance (DOF), the country called for a more inclusive and streamlined system for climate finance, resulting in the GCF Board’s approval of two major reforms: the revised accreditation framework and the establishment of a GCF regional presence.

“The Philippines aims to access up to $10 million grant under the Third Readiness and Preparatory Support Program  (RPSP3), a cornerstone initiative designed to significantly bolster the nation’s capacity to effectively engage with and benefit from the GCF,” the DOF said.

The RPSP3 aims to boost nationally led efforts to build stronger institutions, refine governance structures, and establish comprehensive planning and implementation systems for sustained and impactful climate action over the long term.

The Department of Budget and Management said that the Philippines still has P16.4 billion remaining in its National Disaster Risk Reduction and Management fund, as of June 30.

The first proposal, worth up to $7 million, will support the DOF as the country’s National Designated Authority to the GCF, as well as help align national plans such as the national adaptation plan and the nationally determined contributions implementation plan.

A second proposal, estimated at $3 million, will follow once the initial grant is approved. It will focus on implementing long-term strategies designed in the first phase, forming a comprehensive approach to boosting the country’s climate finance readiness.

During the meeting, the GCF board also approved a record $1.2-billion worth of funding for 17 global climate projects, marking the largest financing package ever endorsed in a single session.

The Revised Accreditation Framework simplifies the process for institutions partnering with the GCF, aiming to cut red tape and accelerate the flow of resources to on-the-ground climate projects.

Meanwhile, the creation of a GCF regional presence is expected to deepen engagement with local stakeholders and ensure financing responds directly to regional needs.