Climate tech fund backs local firms

Filipino enterprises and those in the neighboring countries are set to adopt climate technologies following a total of $221.215 million grant from the Green Climate Fund (GCF), the world’s largest climate fund.

The Department of Finance (DoF) on Wednesday said the grant is part of the GCF’s Collaborative Research and Development Business Program for Promoting the Innovation of Climate Technopreneurship.

The program enables the transfer of climate technologies to enterprises in developing countries to help reduce global carbon emissions.

Aside from the Philippines, the program will benefit Cambodia, Indonesia, the Lao People’s Democratic Republic, and Vietnam.

Micro, small and medium enterprises represent 99.6 percent of all businesses in the country.

“The projects that will be developed with the GCF will not only have a lasting impact on our local communities but also globally in building a more secure and sustainable world,” DoF Secretary Ralph Recto said.