Canada to fund P590M in projects on climate financing, BARMM development
MANILA, Philippines — Canada is providing around P519 million to back three development assistance projects in the Philippines focused on strengthening climate finance mechanisms and providing development support in the Bangsamoro Autonomous Region in Muslim Mindanao (BARMM).
The announcement of funding comes as talk of climate change and mitigation has been revived by the threat posed by Typhoon Karding, which barelled through Luzon on Sunday night.
"This funding builds on the newly created $1 million Canada-ASEAN trust fund that Minister [Mary] Ng announced at the ASEAN Foreign Ministers Meeting last month," Canada’s Global Affairs Office said in a statement.
Canada has been ramping up climate financing to support developing countries. Its budget for international climate finance allocated for 2021 to 2026 was doubled to $5.3 billion from the $2.65 billion budgeted for the previous five years.
This aims to cover funding for climate adaptation projects and nature-based climate solutions, and to support women's leadership in climate action.
For its assistance to the Philippines, $4.5 million will be allocated to accelerating green and climate finance within the next five years with the UN Development Programme (UNDP). The program aims to aid private capital investments in nature-based solutions and for marin-protected areas, help financial institutions integrate gender-responsive and climate-related policies in their lending programs.
The fund also aims to further implement the monitoring system if the investments have impact related to the UN Sustainable Development Goals.
Projects for BARMM women
Meanwhile, $3 million will be budgeted for a project with the UN Women and the UNDP to "strengthen the role of women as peace mediators" in the BARMM within the next three and a half years. It also looks to improve policies and programs to prevent conflict in the area.
Another $4.5 million will also be allocated to the Bangsamoro Normalization Trust Fund to help the communities in BARMM "achieve their desired quality of life in a peaceful and inclusive manner."
The Canadian government seeks to strengthen ties with the Filipino people and to further deepen the economic relationship between the two countries.
Canadian Minister of International Trade, Export, Promotion, Small Business and Economic Development Mary Ng visited the Philippines last week. While here, she also recognized the impact that overseas Filipinos have had on communities in Canada.
"Canada is home to nearly one million people of Filipino descent, and I’ve seen firsthand how their hard work and creativity contribute to vibrant communities across the country,” Ng said.
Ng also met with Filipino business leaders, female entrepreneurs, as well as Jollibee Foods Corp. Chief Executive Officer Ernesto Tanmantiong. Canada is hoping to create more opportunities in inclusive trade and investment in sectors like green technology, agriculture, and infrastructure.
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