The Philippines has become the first country in Asia and the Pacific to secure readiness funding under the Green Climate Fund’s (GCF) second replenishment cycle, winning a USD6.78 million grant that is expected to strengthen its ability to attract larger climate investments in the years ahead.
The Department of Finance (DOF) said the non-repayable technical assistance grant will enhance the country’s capacity to design, access and implement climate projects, positioning the Philippines to tap more international financing for renewable energy, climate resilience and sustainable development.
Approved on June 24, the 60-month Third Readiness and Preparatory Support Programme (RPSP 3) will align future climate investments with the country’s National Adaptation Plan and Nationally Determined Contribution Implementation Plan. It will also strengthen project preparation, inter-agency coordination, knowledge management and monitoring systems.
“We welcome the GCF’s approval of this grant. More than financial support, it is an investment in the Philippines’ ability to turn climate ambition into action and deliver lasting benefits for the Filipino people,” Finance Undersecretary Joven Z. Balbosa said.
While modest in size, the grant is strategically significant because readiness funding is designed to help countries build a stronger pipeline of bankable projects that can unlock substantially larger pools of climate finance.
The program is expected to accelerate investments that improve climate resilience, strengthen food and water security, support the transition to clean energy and protect communities most vulnerable to extreme weather.
The Global Green Growth Institute will serve as the DOF’s delivery partner, with the United Nations Development Programme and Germany’s GIZ acting as co-implementers.
Buoyed by the approval, the DOF is preparing another proposal under the GCF’s Country-Driven Readiness window that could secure up to an additional USD3 million in grant funding.
The latest approval reinforces the Philippines’ efforts to position itself as a credible destination for global climate finance, as governments increasingly compete for concessional funding to accelerate decarbonization while building resilience against the growing impacts of climate change.
