Accelerating Green & Climate Finance in the Philippines

This project aims to improve the resiliency and environmental security of Filipino women and vulnerable communities through support for the climate financing environment in the Philippines. At least three communities benefit from the nature-based climate solutions projects developed and matched with climate financing instruments. The Philippines’ vulnerability to the impact of climate change high exposure to natural hazards dependence on climate-sensitive natural resources and rapid degradation of natural resources severely impact the lives of Filipinos especially women children and inhabitants of the poorest and most vulnerable communities. Though there is a notable increase in the national budget for climate resilience and biodiversity conservation there remains an annual financing gap of US$3.72 billion for climate-related investments. The project aims to create an ecosystem for innovative financing address capacity gaps and strengthen monitoring and reporting on the Sustainable Development Goals (SDG) impacts of green and climate investments. Project activities include: (1) establishing a climate finance lab; (2) supporting climate data platforms for research in Nature-Based Solutions finance; (3) training finance institutions to design and incorporate gender-responsive and green and climate-related policies in their lending programs; and (4) establishing an impact management system to report on SDG impacts of green and climate investments by the private sector and financing institutions. The project’s nature-based climate solutions and protected areas benefit at least 19 Peoples Organizations and 100 households. At the national level key agencies including the Department of Finance Central Bank of the Philippines Climate Change Commission Department of Environment and Natural Resources Securities and Exchange Commission and PPP Center are capacitated to develop innovative climate finance solutions and SDG impact monitoring. Furthermore at least

The expected outcomes for this project include: (1) improved effectiveness of gender-sensitive climate finance platforms for evidence-based policy dialogue between government development partners and private sector in the Philippines; (2) increased access to innovative and gender-responsive green and climate finance solutions including nature-based climate solutions and biodiversity conservation projects; (3) improved overall lending practice and behaviour of financial institutions in incorporating gender-sensitive and green and climate-related policies in the Philippines; and (4) improved reporting on the SDG impacts of green and climate investments by the private sector and financing institutions in the Philippines.