November 10, 2018 Saturday
The Green Climate Fund (GCF) Board has approved the accreditation of the Land Bank of the Philippines as Direct Access Entity (DAE) of the GCF during its 21st Board Meeting at the Ritz-Carlton Hotel in Manama, Bahrain. LANDBANK was one of 16 access entities granted accreditation during said meeting. LANDBANK now stands as the first DAE accredited by GCF in the Philippines and one of 75 DAEs worldwide.
The GCF is an operating entity of the financial mechanism of the United Nations Framework Convention on Climate Change (UNFCCC) and Paris Agreement, dedicated to supporting global efforts to respond to the challenge of climate change. It aims to help developing countries limit or reduce their greenhouse gas (GHG) emissions and adapt to climate change by supporting programs and projects that promote a paradigm shift to low-emission and climate-resilient development, while taking into account the needs of developing countries that are particularly vulnerable to climate change impacts.
As a DAE, LANDBANK now has the mandate to ensure development, management, and delivery of program/project activities that are aligned with the objectives and target results of the GCF and the country’s national priorities, including the Nationally Determined Contributions (NDCs), among others. It is responsible for managing a project from design to project evaluation and financial closure using the organization’s own systems, i.e., its procurement, environmental and social standards (E&S), audit and accounting procedures, among others. LANDBANK’s accreditation has been approved for: (i) category A environmental and social risk level; (ii) medium project size of up to US$250M, and (iii) specialization on project management, on lending/blending and grant mechanism. As DAE, the Bank can serve as instrument for channeling GCF resources to programs and projects related to sustainable agriculture, forestry, fisheries, energy, transport, water, housing, tourism, health, among others, of the concerned national government agencies, local government units (LGUs), small and medium enterprises (MSMEs), cooperative, financing institutions, among others.
Supported by the GCF Readiness Programme (GCFRP) of the Federal Minister for the Environment, Nature Conservation, and Nuclear Safety (BMU) of the Federal Republic of Germany, LANDBANK was provided technical assistance by the World Resources Institute (WRI) on submitting its Stage 1 accreditation requirements and by United Nations Development Programme (UNDP) on responding to comments from the Accreditation Panel for Stages 1 and 2 of the accreditation process. UNDP also assisted Land Bank on the development of its project portfolio for GCF, a Concept Note and Project Preparation proposal which are aligned with the national priorities and frameworks, and the ongoing country programming process. UNEP, WRI and UNDP have managed GCFRP’s implementation activities with the National Designated Authority (NDA) for GCF – previously, the Department of Environment and Natural Resources (DENR) and currently, the Climate Change Commission (CCC).
LANDBANK recognizes its role in strengthening the country’s capacity to access climate finance sources for the achievement of our Nationally Determined Contributions (NDCs). Following its accreditation, Land Bank will be reinforcing its project portfolio and the scalability of projects that will be proposed to GCF, in partnership with the CCC, concerned agencies of the government and the private sector.