Representing the country, the Department of Finance (DOF) played a leading role in securing the approval of key measures, including the Revised Accreditation Framework and the establishment of a GCF Regional Presence—initiatives designed to fast-track climate funding and enhance responsiveness to local needs.
The Revised Accreditation Framework introduces a streamlined and more responsive process for entities seeking partnership with the GCF. This aims to reduce bottlenecks and broaden access to much-needed financing for climate adaptation and mitigation in vulnerable countries.
Meanwhile, the creation of regional GCF offices will allow for deeper local engagement and more effective deployment of funds to the frontlines of climate action.
“These reforms reflect our shared goal of ensuring that climate finance reaches the communities that need it most, when they need it,” the DOF said in a statement.
During the same meeting, the GCF Board approved $1.225 billion for 17 global projects—the largest financing package ever approved in a single session—supporting climate action across various regions.
On the sidelines of the meeting, the DOF lobbied for the swift approval of the Philippines’ Third Readiness and Preparatory Support Program (RPSP3), which seeks to access up to $10 million in grant funding to enhance national climate finance systems and institutional readiness.
The first proposal under RPSP3, amounting to $7 million, aims to strengthen the capacity of the DOF as the Philippines’ National Designated Authority (NDA) to the GCF. It includes the development of long-term strategic tools aligned with the country’s National Adaptation Plan and NDC Implementation Plan.
A second proposal, expected later, will request up to $3 million to implement strategies developed under the initial phase—creating a sequenced, synergistic approach to long-term climate finance readiness.
The DOF also held bilateral talks with the GCF Secretariat to discuss the country’s priority project pipeline and potential pathways for cooperation. —Ed: Corrie S. Narisma
