The Philippine government and the United Nations Development Program (UNDP) are working in collaboration with Canada to reduce the climate finance gap through natured-based solutions project being funded under Canada’s $5.3-billion global climate financing pledge.
The Philippines will receive increased support from Canada in promoting biodiversity conservation, climate change mitigation, adaptation, and resilience with consideration for gender equality, according to Global Affairs Canada Climate Finance Executive Director Andrew Hurst.
Hurst also mentioned that their project covers activities that include research and knowledge sharing.
“It’s also looking at ways to encourage private sector both international and Philippines investors looking for opportunities to invest in these kinds of solutions,” Hurst said.
In 2021, Canada stepped up and announced a doubling of its international climate finance, from $2.65 billion (2015−2021) to $5.3 billion (2021−2026) as the global community called for increased climate ambition.
And to help developing countries transition to low-carbon, climate-resilient, nature-positive, and inclusive sustainable development, Canada said it would increase the proportion of grant funding, set a minimum for funding climate adaptation projects, as well as for funding projects that leverage nature-based climate solutions and projects.
The collaboration and finance commitment will run until 2026 but Director Hurst hopes that “some of the efforts that are undertaken in this project can really generate some ideas and form some creative solutions that themselves may have a life beyond the end of the project” while also committing that Canada will stay engaged in the Philippines both in climate finance and bilateral assistance program.
“To the extent that good things come out of this project, then the results that are generated will continue to look for opportunities to build on and also work together in the future,” he said.
Hurts elaborated on the goal of the project saying that it is a way to address a number of persistent issues through a single intervention or in an integrated way.
“That includes trying to reduce poverty, trying to address gender inequality… trying to support communities that are often dependent on nature for their livelihoods while also looking to conserve and sustain biodiversity,” Hurst said.
The director also highlighted the diversity of stakeholders involved in the project, from the local level, communities, national government, and private sector, noting the uniqueness of arrangements, which will hopefully “stimulate some more efforts on cooperation in the future. PND