CCC Backs Project to Accelerate Private Climate Finance for Nature-Based Solutions

March 29, 2023 Wednesday

MANILA, Philippines, 29 March 2023 — The Climate Change Commission (CCC) joins the United Nations Development Programme-Philippines (UNDP Philippines) in launching a project on accelerating private climate finance for nature-based solutions.

The CCC expressed its support for the UNDP-Philippines project, "Accelerating Green and Climate Finance in the Philippines: Nature-Based Solutions," aimed to increase private sector investments in gender-responsive, nature-based solutions in support of a just transition to resilient and low emission development.

"We recognize the immense value in nature-based solutions, but increased financing, especially from the private sector, must flow in for nature-based projects and programs—and more urgently, considering the rate of destruction of our natural wealth from climate impacts and other factors," said CCC Commissioner Rachel Anne Herrera.

She also emphasized the potential of nature-based solutions to enhance adaptive capacities against climate impacts and reduce greenhouse gas emissions.

Department of Environment and Natural Resources (DENR) (DENR) Secretary and the President’s Representative to the CCC, Ma. Antonio Yulo-Loyzaga, highlighted the ongoing work by the DENR to support nature-based solutions to climate change, specifically in forest protection, watershed and wetland management, and restoration and protection of marine and coastal resources.

“We have a challenging task ahead, but we're optimistic that we can deliver a lasting impact on our communities and on our country as a whole. We are, therefore, partners with you in fostering this new effort and working with key stakeholders to unlock financing for climate and disaster resilience,” Secretary Yulo-Loyzaga added.

Finance Secretary Benjamin Diokno explained that the Department of Finance has built a sustainable finance ecosystem to synergize public and private investments in green projects, and that its roadmap sets the guiding principles that will create an environment for greater policies in the Philippines.

“There is a strong appetite for green investments among the investment community, and we are keen on strengthening our policies on climate financing to complement its wide array of initiatives. We launched today a unique project that offers gender-responsive, nature-based solutions for climate-resilient technologies, practices, and approaches,” Secretary Diokno said.

Dr. Selva Ramachandran, Resident Representative of the UNDP, explained that the “initiative recognizes the big task of bringing nature-based solutions at the very core of public and private sector investments and decision-making processes,” and that it aims to contribute “to seeing the results of nature-based solutions for climate through public-private partnership.”

Funded by the Government of Canada, the project will be implemented by DOF, CCC, Bangko Sentral ng Pilipinas, Securities and Exchange Commission Philippines, and Public-Private Partnership Center. The project’s implementation period is from 2022 to 2025.

Consistent with the Philippine Development Plan 2023-2028, the project seeks to contribute to the 2030 Sustainable Development Goals, and the achievement of the country’s Nationally Determined Contribution, the Philippines Biodiversity Strategy and Action Plan, and other related policies and programmes. It also aims to enhance resilience and environmental security for Filipino women and vulnerable communities in the Philippines.