The CCC serves as the National Designated Authority (NDA) to the Green Climate Fund (GCF), an international fund created by the United Nations Framework Convention on Climate Change (UNFCCC) to support the paradigm-shift to low emission (mitigation) and climate resilience (adaptation) projects and programs in developing countries.
The GCF is the only stand-alone multilateral financing entity that serves the Paris Agreement and Kyoto Protocol, aiming to deliver equal amounts of funding for mitigation and adaptation. It has a multi-layered approach to mobilize climate finance in the form of investments, including grants, loans (concessional), equity, and guarantees.
The GCF works through Accredited Entities (AEs) to channel its resources to all projects and programs. The AEs work alongside the NDAs to come up with funding proposals to GCF. As of today, the total number of AEs worldwide is 75, which may comprise of multilateral organizations (e.g. United Nations organizations, Asian Development Bank) or national organizations as direct access entities (DAE). In the Philippines, Land Bank of the Philippines is the first Direct Access Entity (DAE) accredited by the GCF.
As of January 7, 2019, countries have pledged a total of USD10.3 billion to the GCF. Since beginning its operations in 2015, the GCF has approved 93 projects for developing countries amounting to USD4.6 billion. The fund is managed by the GCF Secretariat in Songdo, Republic of Korea.
The CCC is the NDA to the GCF and is involved in all of the GCF’s funding processes, such as nomination of accredited entities, facilitation of concept notes and full funding proposals submission, and approval of readiness support.
President Duterte nominated the CCC as the NDA of the Government of the Philippines to the GCF, which Executive Secretary Salvador C. Medialdea communicated to the GCF Secretariat, through a letter dated July 3, 2018. The NDA role was previously handled by the Department of Environment and Natural Resources (DENR).
The CCC is responsible for: