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Accord signed on climate fund access

Manila Bulletin
Ellalyn B. De Vera

The Philippine’s Climate Change Commission (CCC) signed an agreement with the Land Bank of the Philippines (LBP) to gain access to an international climate fund that will ensure the country’s adaptation to the effects of Climate Change.

The signing of memorandum of agreement (MoA), led by CCC Vice-Chairman Heherson Alvarez and LBP president Gilda Pico, instates Land Bank as the country’s National Implementing Entity (NIE) nominee.

Alvarez explained that the establishment of an accredited NIE within the country that is applying for fund support is one of the requirements of the Adaptation Fund Board (AFB) of the United Nations Framework Convention on Climate Change (UNFCCC).

Once the LBP is authorized, the country will be able to access the US$30-billion Fast-Start Finance, which will be used to finance local adaptation projects and programs aimed at preparing communities to address the adverse effects of Climate Change “Global adaptation funding support for developing countries like the Philippines requires the setting-up of an NIE where these grants would be downloaded. We are confident that Land Bank’s expertise and experience in the field of fund management will merit the approval of our international donor partners,” Alvarez said.

He added that the Philippines has already been short-listed for access to the Fast-Start Finance, estimated to be at US$30 billion, under the auspices of the UNFCCC, to which the country is a signatory.

With an NIE, the Philippines can also access the Adaptation Fund under the Kyoto Protocol and other similar funding sources such as the US$100 billion Long-Term Finance being organized by UN Secretary-General Ban-Ki Moon.

Alvarez said that the commission nominated LBP not only for its vast banking network and resources but most especially for its active involvement in managing international funds that finance green projects in the country such as the Ozone Depleting Substances Phase-out Investment Project and the KfW Credit Line for Energy Efficiency and Climate Protection, including social programs for Land Reform and Cooperatives.

El contenido de las noticias que se presentan en esta sección es responsabilidad directa de las agencias emisoras de noticias y no necesariamente reflejan la posición del Gobierno de México en este u otros temas relacionados.


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