{"id":18742,"date":"2024-05-14T03:02:06","date_gmt":"2024-05-14T03:02:06","guid":{"rendered":"https:\/\/energybuzz.ph\/staging\/6915\/dof-eyes-green-climate-fund-for-four-projects\/"},"modified":"2024-05-14T03:02:06","modified_gmt":"2024-05-14T03:02:06","slug":"dof-eyes-green-climate-fund-for-four-projects","status":"publish","type":"post","link":"https:\/\/energybuzz.ph\/staging\/6915\/dof-eyes-green-climate-fund-for-four-projects\/","title":{"rendered":"DoF eyes Green Climate Fund for four projects"},"content":{"rendered":"
\n

THE PHILIPPINES is looking <\/span>to tap the Green Climate Fund (GCF) for $124 million worth of <\/span>projects, the Department of Fi<\/span>nance (DoF) said.<\/span><\/p>\n

In a statement, the agency said the Philippines receives funding from the GCF for projects and grants worth $139.9 million.<\/p>\n

\u201cMeanwhile, four priority project proposals are in the pipeline estimated at $124 million,\u201d it added.<\/span><\/p>\n

Established in 2010, the GCF extends financing and technical support to developing economies for low-emission development and climate resilience projects. The fund concluded a three-day mission in the Philippines last week.<\/span><\/p>\n

The GCF has supported projects in the Philippines ranging from climate adaptation for agriculture to multi-hazard impact-based forecasting and early warning systems.<\/span><\/p>\n

In a separate statement, the Finance department said it is working on ramping up its investment and financing strategies to better mobilize climate finance.<\/p>\n

\u201cThis includes tapping into international finance sources such as the GCF and Global Environment Facility (GEF),\u201d it said.<\/p>\n

The Philippines is also working with the Vulnerable 20 Group of Finance Ministers (V20) to develop a Philippine Climate Prosperity Plan this year. The plan will \u201csupport priority adaptation and mitigation sectors, including power system and grid modernization.\u201d<\/span><\/p>\n

The Philippines is seeking to reduce by 75% its greenhouse gas emissions by 2030 under its Nationally Determined Contribution, which is its commitment under the Paris Agreement.<\/p>\n

The Finance department estimated about $72 billion in investments are needed to help the country deliver.<\/p>\n

\u201cParticularly, $36.5 billion is needed to prioritize investments in transmission and grid improvement and expansion of financial structures to support rapid scaling up of renewable energy and energy-efficient investments,\u201d the DoF said.<\/p>\n

To help the country generate the investment needed to meet its climate goals, it is looking to expand its <\/span>f<\/span>inancing options and boost its use of sustainability-linked bonds and green and blue bonds.<\/span><\/p>\n

The Philippines recently raised $2 billion from a dual-tranche dollar bond issuance. Under the offer, it issued 25-year sustainability bonds.<\/p>\n

Proceeds from the 25-year paper will be used to support the government\u2019s sustainable finance framework.<\/p>\n

The Finance department will also prioritize the recently released Sustainable Finance Taxonomy Guidelines to \u201csteer financial investments towards the attainment of the country\u2019s climate agenda.\u201d \u2014 Luisa Maria Jacinta C. Jocson<\/b><\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

THE PHILIPPINES is looking to tap the Green Climate Fund (GCF) for $124 million worth of projects, the Department of Finance (DoF) said. In a statement, the agency said the Philippines receives funding from the GCF for projects and grants worth $139.9 million. \u201cMeanwhile, four priority project proposals are in the pipeline estimated at $124 [\u2026]<\/div>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"nf_dc_page":"","footnotes":""},"categories":[1],"tags":[14644,142,14912,612,168,2275,3369,5552,2380],"class_list":["post-18742","post","type-post","status-publish","format-standard","hentry","category-uncategorized","tag-bworldonline","tag-climate","tag-dof","tag-eyes","tag-for","tag-four","tag-fund","tag-green","tag-projects"],"yoast_head":"\nDoF eyes Green Climate Fund for four projects - Energy Buzz<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/energybuzz.ph\/dof-eyes-green-climate-fund-for-four-projects\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"DoF eyes Green Climate Fund for four projects - Energy Buzz\" \/>\n<meta property=\"og:description\" content=\"THE PHILIPPINES is looking to tap the Green Climate Fund (GCF) for $124 million worth of projects, the Department of Finance (DoF) said. 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