THE Department of Finance pledged to support the initiatives of the Climate Finance Network in the Philippines and its intergovernmental solutions for climate finance, disaster risk financing and insurance and sustainable finance coordination.
The CFN, funded by the United Kingdom Foreign, Commonwealth and Development Office and implemented by the United Nations Development Programme , supports Ministries of Finance across member countries by providing knowledge management and technical support to identify and expand climate finance innovations, involving sector ministries and local governments.
The CFN aims to establish CCBII++ baselines for each country to provide an empirical basis for assessing progress on the integration of climate change in the planning and budgeting process in countries included in the CFN. This includes the preparation of guidelines for a budget call that incorporates provisions for the budgeting of climate-aligned programs, as well as guidelines for the mainstreaming of climate change in the government’s medium-term expenditure framework.
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