Philippines secures $6.78 million grant for climate investments

MANILA, Philippines — The Philippines has secured a $6.78-million technical assistance grant from the Green Climate Fund (GCF) aimed at boosting the country’s capacity to access, develop and implement climate investments, the Department of Finance (DOF) said.

The approval of the Third Readiness and Preparatory Support Program (RPSP 3) positions the Phl as the first country in Asia-Pacific to tap readiness support under the fund’s second replenishment period, covering 2024 to 2027.

“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 in a statement.

Approved on June 24, the 60-month program aligned with the National Adaptation Plan and the Nationally Determined Contribution Implementation Plan.

The DOF, as the national designated authority for the GCF, said the initiative is expected to provide more international climate financing for projects that bolster climate resilience, food and water security, clean energy transition and the protection of vulnerable communities.

Beyond funding, RPSP 3 aims to tighten inter?agency coordination among climate institutions, build a pipeline of projects consistent with national priorities and strengthen monitoring and knowledge systems.

The Global Green Growth Institute will serve as the DOF’s delivery partner, while the United Nations Development Program and the Deutsche Gesellschaft für Internationale Zusammenarbeit will act as co-implementers.

RPSP 3, developed through a DOF-led consultative process, incorporates inputs from the Department of Environment and Natural Resources, Climate Change Commission, Department of Agriculture, Department of Science and Technology and other key institutions.

The DOF said that it has also begun preparing a second proposal under the GCF’s Country?Driven Readiness window, which could unlock up to $3 million more in grant funding.

“This readiness grant from the GCF will strengthen climate action in the Philippines by enhancing institutional capacity, reinforcing existing coordination mechanisms and accelerating the development of a strong project pipeline further supporting country ownership,” GCF regional director for Asia and the Pacific Hemant Mandal said.

The two proposals will help ensure that resources are mobilized and directed where they are needed most, delivering inclusive, evidence-based and transformative impact, the DOF said.