Makati eyes finance instruments for climate action
‘I think a lot of cities are missing out by not being able to tap these international organizations.’
Daily Tribune‘I think a lot of cities are missing out by not being able to tap these international organizations.’
Makati Mayor Abby Binay is pushing for the use of three climate-financing instruments to give the city access to grants, loans, and funding opportunities that will boost climate action and make Makati and other cities more resilient.
"After attending Daring Cities 2022, an event organized by ICLEI-Local Governments for Sustainability in Bonn, Germany last week, I learned that there are three climate-financing instruments that we can use in Makati. These include the city climate finance gap fund, green cities program, and the local climate adaptive living facility," she said.
Binay is a member of ICLEI Global Executive Committee and heads the Innovative Financing Portfolio of ICLEI World.
She said Makati is planning to apply for support from the World Bank and the European Investment Bank through its city climate finance gap fund. This climate action trust fund provides technical assistance and capacity-building to help cities in developing countries turn climate-focused ideas into concrete project proposals.
Binay said the city is exploring the possibility of tapping the European Bank for Reconstruction and Development through its green cities program, which supports cities by helping them create a green city action plan that includes sustainable infrastructure investments and policy measures.
She also said Makati is considering applying for the local climate adaptive living facility, a mechanism designed and hosted by the United Nations Capital Development Fund that provides technical assistance and tools for local governments to access climate funds and integrate climate change adaptation into local planning and budgeting systems.
"I will introduce these three climate-financing instruments to the Makati Climate Change Committee so that we can study how we can use them to improve the quality of life of Makatizens and, at the same time, reduce our greenhouse gas emissions and mitigate the impact of climate change," she said.
Binay also represents the city in various international organizations. She is currently the Vice President of CityNet; President of CityNet National Cluster–Philippines, UCLG ASPAC Council Member; Executive Committee Member and former Vice President of WeGO; City Ambassador for Asia of the Cities Climate Finance Leadership Alliance; and Board Member of the Global Covenant of Mayors for Climate and Energy.
"I think a lot of cities are missing out by not being able to tap these international organizations. It is essential for us to benchmark and get information on how successful climate initiatives were done, what mistakes were committed, and how these projects were sustained," she added.
The mayor said she also expects to learn more about climate-financing schemes in the coming meetings with various international organizations and share new strategies with fellow local leaders to help them get access to grants, loans, and funding opportunities.
Binay is set to attend the 27th United Nations Climate Change Conference from 6 to 18 November 2022 in Sharm El Sheikh, Egypt.
