PHL to spend most of P2.85-B global fund share on biodiversity projects
THE PHILIPPINES is allocating most of its share from a multilateral green fund to projects that will protect and conserve the country’s biodiversity, the Department of Environment and Natural Resources (DENR) said on Tuesday.
Under the 8th replenishment of the Global Environmental Facility (GEF-8), the Philippines has been granted $52 million or P2.85 billion.
“With one of the largest allocations in Southeast Asia, the Philippines is expected to narrow the gap for biodiversity spending,” DENR said.
The country has nine projects proposed for GEF-8 funding.
These projects are categorized across the five focal areas of biodiversity, climate change mitigation, land degradation, chemicals and waste, and international waters.
“With almost a 40% increase, one of the top countries resulting in this STAR allocation. We should take this opportunity,” Al O. Orolfo, director of DENR-Foreign Assisted and Special Projects Services (FASPS), said in a statement.
“This allocation is an opportunity to provide some financing gaps to funding different environmental concerns,” he added.
The agency did not disclose the cost and description for each of the proposed projects.
The DENR, through the FASPS, will work with the GEF Secretariat and other financing agencies during the project’s implementation cycle from 2023-2026.
“In the end, it should trickle down to the communities, but at the same time, it should also have a global impact,” said Mr. Orolfo.
In June last year, 29 donor governments pledged $5.33 billion to the global fund for the next four years to help meet nature and climate targets, according to the GEF website.
“The record funding will support large-scale initiatives to address biodiversity and forest loss, improve ocean health, combat pollution, and reduce the effects of climate change within the decade,” GEF said. — Sheldeen Joy Talavera