The Philippines has secured a $6.78-million technical assistance grant from the Green Climate Fund (GCF) to strengthen the country’s capacity to access and implement climate-related investments aimed at protecting vulnerable communities, accelerating the transition to clean energy and supporting sustainable economic growth.

The Department of Finance (DoF) said in a statement on Wednesday that the program is expected to unlock additional international climate financing for projects focused on climate resilience, food and water security, renewable energy and the protection of at-risk communities.

Turning climate ambition into action

“We welcome the GCF’s approval of this grant. More than financial support, it is an investment in the Philippines’ ability to turn climate ambition into action and deliver lasting benefits for the Filipino people,” Finance Undersecretary Joven Balbosa said.

The grant, approved under the GCF’s Third Readiness and Preparatory Support Programme (RPSP 3), makes the Philippines the first country in Asia and the Pacific to receive readiness support under the fund’s second replenishment cycle covering 2024 to 2027.

The 60-month program will help strengthen the country’s capacity to develop and implement climate investments aligned with the National Adaptation Plan and the Nationally Determined Contribution Implementation Plan.

Largest dedicated international climate finance fund

The GCF is the world’s largest dedicated international climate finance fund. Established by parties to the United Nations Framework Convention on Climate Change in 2010 and operational since 2015, it supports developing countries in reducing greenhouse gas emissions and adapting to the impacts of climate change.

As the country’s National Designated Authority to the GCF, the DoF leads efforts to secure climate financing and align projects with national development priorities.

The proposal was developed through consultations led by the DoF and involved key government agencies, including the Department of Environment and Natural Resources, the Climate Change Commission, the Department of Agriculture and the Department of Science and Technology.