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Miscellaneous

PH receives increased support from Canada through $5.3-billion climate finance commitment

The Philippine government and the United Nations Development Program (UNDP) are working in collaboration with Canada to reduce the climate finance gap through natured-based solutions projects to be funded under a $5.3-billion climate finance commitment.

Canada has increased its support for the Philippines in promoting biodiversity conservation, climate change mitigation, adaptation, and resilience with consideration for gender equality, according to Global Affairs Canada Climate Finance Executive Director Andrew Hurst.

Hurst also mentioned that their project covers activities that include research and knowledge sharing.

“It’s also looking at ways to encourage private sector both international and Philippines investors looking for opportunities to invest in these kinds of solutions,” Hurst said.

The collaboration and finance commitment will run until 2026 but Director Hurst hopes that “some of the efforts that are undertaken in this project can really generate some ideas and form some creative solutions that themselves may have a life beyond the end of the project” while also committing that Canada will stay engaged in the Philippines both in climate finance and bilateral assistance program.

“To the extent that good things come out of this project, then the results that are generated will continue to look for opportunities to build on and also work together in the future,” he said.

Hurts elaborated on the goal of the project saying that it is a way to address a number of persistent issues through a single intervention or in an integrated way.

“That includes trying to reduce poverty, trying to address gender inequality…trying to support communities that are often dependent on nature for their livelihoods while also looking to conserve and sustain…biodiversity,” Hurts said.

The director also highlighted the diversity of stakeholders involved in the project, from the local level, communities, national government, and private sector, noting the uniqueness of arrangements which will hopefully “stimulate some more efforts on cooperation in the future. | PND

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