UN Climate Fund body taps DBP for climate mitigation and adaptation financing State-owned Development Bank of the Philippines (DBP) has secured the accreditation of a United Nations-backed institution that provides financing support for environment and climate-related programs and advocacies in line with the Paris Agreement and Kyoto Protocol, a top official said.
change mitigation and adaptation projects on a global scale,” Herbosa said.
for climate action in developing countries. Herbosa said that DBP is one of only 113 accredited AEs globally, 57 of which are national agencies, which would allow the bank to channel support of up to US$250-million per project or program.
DBP is the sixth largest bank in the country in terms of assets and provides credit support to four strategic sectors of the economy – infrastructure and logistics; micro, small and medium enterprises; the environment; and social services and He said DBP is in talks with DBP President and Chief community development. potential development Executive Officer Emmanuel partners who can work with G. Herbosa said DBP is The GCF was created in the bank in formulating and only the second Philippine 2010 by the UNFCCC, along implementing responsive institution, and one of 10 with 194 governments, projects centered on green foreign institutions, approved to provide financing energy, energy efficiency, recently as Accredited and technical support to Entities (AE) of the Green developing countries to shift waste management, and Climate Fund (GCF), an to low-emission and climate disaster resilience projects, among others. international fund created resilient development while by the United Nations helping vulnerable societies “We envision GCF as Framework Convention on adapt to the inevitable Climate Change (UNFCCC) impacts of climate change. an additional source of highly-concessional loans to support climate mitigation or even grants to expand and adaptation initiatives in Under the mechanism, the the reach and to scale developing countries. GCF may be tapped by AEs and delivery partners, up DBP’s environmental “We are honored to be which work directly with and climate-related in the select roster of developing countries programs and advocacies,” international and national for project design and Herbosa said. “This commercial banks; implementation. GCF includes complementing multilateral, regional and provides financial support the programs of other national development through a combination government and nonfinance institutions; and of grants, concessional government agencies in line civil society organizations, debt, guarantees or equity with the “Build Back Better” among others, that are instruments to leverage strategy and “whole-ofworking together for the blended finance and government” approach. implementation of climate crowd-in private investment (DBP/PIA Caraga)
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| July 10-16, 2021
Caraga INFOCUS
