Green Climate Fund approves $39.3 million project

Established to support developing countries’ efforts to respond to climate change, the Green Climate Fund, at its 35th Board Meeting in Incheon, South Korea, approved the $39.2 million Climate Adaptation of Philippine Agriculture project.

The Korea-based GCF will fund the project with a $26.3 million grant, which will be co-financed with $12.9 million from the Philippine government. The Department of Finance (DoF) is the Philippines’ national authorized body in the GCF.

The DoF statement says the project builds on the Agriculture Adaptation and Mitigation Initiative, led by the Department of Agriculture (DA), through activities that will help the country transition to a climate resilient agricultural system and build climate resilience in rural areas. .

This is the first GCF-funded project to be implemented by the DA and the Philippine Office of Atmospheric, Geophysical and Astronomical Services in collaboration with the Food and Agriculture Organization (FAO) of the United Nations.

The project is expected to benefit approximately 1.25 million agricultural workers in areas vulnerable to climate change. The project aims to enable beneficiaries to introduce viable climate-resilient agricultural technologies into their practices.

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The project will also raise awareness about climate change, its associated risks and their management in order to improve food security, increase household incomes and increase resilience.

The project will be implemented in at least nine provinces identified as the most vulnerable climate change hotspots based on climate change projections. These areas are home to 60 percent of the rural population of the Philippines, or about 20 million of the 31.3 million rural residents. More than half of the rural population most likely to be affected by climate change live in the project areas.

This project is one of three FAO funding proposals approved by the GCF Board and one of seven proposals for consideration and approval at the 35th Board meeting.

Deputy Secretary of the Treasury Mark Dennis Joven represented the Philippines at the GCF Board meeting as Deputy GCF Asia Pacific Group Board Member and Country Coordinator.