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Climate body lauds accreditation of DBP for green funding

July 20, 2021 - Tuesday 5:07 PM by MDM

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The country’s Climate Change Commission (CCC) welcomed the accreditation of the state-owned Development Bank of the Philippines (DBP) to join a United Nations-backed institution that provides financing support for climate-related projects.

In a statement, CCC Commissioner Rachel Herrera said the development was “very timely” as the country continues to open up channels to access financing from the Green Climate Fund (GCF). 

“We urge the DBP to leverage GCF funds to support our country’s shift to climate-resilient development pathway, veering away from fossil fuels while we continue to grow our economy,” said Herrera, who also serves as GCF alternate board member. 

“The DPB went through a stringent accreditation process and was favorably assessed in its ability to manage funds consistent with the GCF’s fiduciary standards, and avoid environmental and social risks that may arise in implementing projects,” she added. 

The DBP was the country’s second national institution to access the GCF, with the Land Bank of the Philippines earlier accredited in 2018. 

The GCF was an international fund created by the United Nations Framework Convention on Climate Change in 2010 to support programs to mitigate the catastrophic impacts of climate change.

Accredited institutions serve as the GCF’s partners at the national level to develop and submit proposals that allow nations to adapt to climate impacts as well as reduce or avoid carbon emissions. 

The Philippine government has committed to cut its greenhouse gas emissions by 75% by 2030.