The United Nations Development Program is set to develop a comprehensive strategy for climate finance in the Philippines, marking a landmark effort to consolidate financing solutions for climate change action in the country.
The UNDP bared the financing strategy through the Climate Finance Network and the Accelerating Green and Climate Finance Project funded by the United Kingdom Foreign, Commonwealth and Development Office and the Canadian government, respectively. The new strategy carves out a financing program from the Sustainable Finance Roadmap by the Green Force to focus on climate finance solutions. It also builds on funding opportunities for projects drawn from the National Adaptation Plan and the Nationally Determined Contributions Implementation Plan by the Department of Environment and Natural Resources and the Climate Change Commission .
The UNDP and DOF also aim to bridge the gap on how the Philippines can access the international climate finance fund. Locally, the Green Force seeks to support communities access the People’s Survival Fund amid the country’s growing cost on disaster response, mitigation, and future-proofing cities amid climate change.