The government is looking to tap $124 million from the Green Climate Fund, the world's largest climate-change financing tool, to help cool down the planet.

The Department of Finance said the amount will be an addition to the Philippines' existing aid from the Green Climate Fund (GCF) which consists of two single-focus projects and six multi-focus projects.

Apart from these, the country has been awarded five GCF readiness grants amounting to $139.9 million.

The $124-million proposal was discussed during the visit of several GCF representatives to the Philippines from 7 to 9 May.

Paris Agreement

The GCF supports the Paris Agreement which aims to limit the rise in global temperature at 1.5 degrees Celsius. There are 196 signatory countries that committed to achieve this goal.

The global agreement encourages governments and businesses to streamline efforts toward climate mitigation, climate resiliency, and carbon emissions reduction to make the world more livable and economic growth sustainable.

If climate change worsens, the United Nations says Filipino farmers could suffer 15 to 20 percent decline in agricultural production by 2050.

The Department of Finance was designated to the Board of GCF as representative of developing countries in Asia and the Pacific.

Participants to the recent climate talks included GCF Mitigation and Adaptation Division Director German Velasquez, GCF Asia Pacific Regional Manager Diane McFadzien, GCF Project Officer Eryn Gayle De Leon, and GCF Private Sector Facility Deputy Director Soji Omisore.