MANILA – Malacañang on Wednesday stated that Canada has committed $5.3 billion to support the Philippines’ climate action projects until 2026.
In a statement, Presidential Communications Secretary Cheloy Garafil said the Philippine government and the United Nations Development Program are working in collaboration with Canada “to reduce the climate finance gap through nature-based solutions projects to be funded under a $5.3-billion climate finance commitment.”
Global Affairs Canada Climate Finance Executive Director Andrew Hurst said Canada has increased its support for the Philippines in promoting biodiversity conservation, climate change mitigation, adaptation and resilience with consideration for gender equality.
Hurst said that their project covers activities that include research and knowledge sharing.
“It’s also looking at ways to encourage private sector investors looking for opportunities to invest in these kinds of solutions,” he said.
The collaboration and finance commitment will run until 2026, but Hurst hoped that “some of the efforts that are undertaken in this project can really generate some ideas and form some creative solutions that themselves may have a life beyond the end of the project.”
He also committed that Canada will stay engaged with the Philippines in climate finance and bilateral assistance program.
“To the extent that good things come out of this project, then the results that are generated will continue to look for opportunities to build on and also work together in the future,” he said.
Hurst said that the project saying that it is a way to address a number of persistent issues through aims to reduce poverty, address gender inequality and support communities “that are often dependent on nature for their livelihoods while also looking to conserve and sustain biodiversity.”
In 2021, Canada doubled its international climate finance from $2.65 billion to $5.3 billion to further strengthen its ability in helping developing countries transition to low-carbon, climate-resilient, nature-positive and inclusive sustainable development.
