France, through the Agence Franí§aise de Développement (AFD), has mobilized 150 million euros to support the climate ambitions of the Philippines, the Department of Finance (DOF) said yesterday.
In a statement, the DOF said it conducted a ceremonial exchange of loan agreement with the AFD following the signing of the 150 million euro policy-based loan for the Climate Change Action Program, Subprogram 1 (CCAP1) to help the Philippines scale up its efforts to mitigate and adapt to climate change.
The CCAP will support the Philippines to implement its national climate policies and institutional reforms, including its Nationally Determined Contribution (NDC) which aims to peak greenhouse gas emissions by 2030 and scale up climate adaptation and disaster resilience, dependent on external support and technology transfer.
The program will improve the government of the Philippines’ responses to increase and intensify actions to scale up adaptation and mitigation in key sectors and transform them toward a climate-resilient and low-carbon economy.
“France remains more than ever engaged in a race against time for the preservation of our planet, and the fight against the climate crisis that becomes a concrete and devastating reality in the Philippines. In this fight for justice and solidarity, France is taking its full part.
It will devote six billion euros each year, until 2025, to help developing countries, including the Philippines, finance their transition and cope with climate disasters,” Michí¨le Boccoz, ambassador of France to the Philippines, said.
The Philippines is one of the most vulnerable countries to climate change and ranked as the fourth most affected country by extreme weather events between 2000 and 2019. In addition to their direct impacts on people, the economic consequences of these disasters will cost the country more than $3.5 billion dollars a year by 2040.
“As a country vulnerable to climate change impacts, which cost us over one percent of the country GDP (gross domestic product) in direct losses to public and private assets due to earthquakes and typhoons, the Philippines is committed to pursuing concrete climate actions with the aim of protecting the most vulnerable from its devastating effects. The Marcos Jr. administration demonstrates this commitment by allocating around 8.72 percent of the 2023 National Budget for climate change mitigation and adaptation programs that will allow us to meet our NDC targets,” Benjamin Diokno, finance secretary, said. – Angela Celis
