Senator Loren Legarda has expressed optimism that the Green Climate Fund (GCF) would help the country overcome the threats of climate change and poverty by building sustainable and resilient environment through its financial aid and technical assistance.
In a dinner reception for Ambassador Howard Bamsey (GCF Executive Director) and Mr. Javier Manzanares (GCF Chief Financial Officer), Legarda urged all concerned government agencies to work together in coming up with projects that would benefit the Filipino people especially the poor who are most vulnerable to the impacts of climate change.
“The resources coming from the national budget and the GCF will help transform the lives of millions of Filipinos. This is what we have been waiting for–that developed countries that are historically the biggest emitters of greenhouse gases (GHG) to aid vulnerable, low-emitting nations like the Philippines,” said Legarda, Chair of the Senate Committees on Climate Change and Finance.
The Senator explained that industrialized countries have formally agreed to raise US$100 billion under the Green Climate Fund annually by year 2020 to address mitigation and adaptation needs of developing nations like the Philippines.
“We have to make sure that environment and climate change sit at the core of our development plans. We are one in believing in the urgency of dealing with climate change impacts through mitigation and adaptation, including disaster risk reduction. We are very grateful to Ambassador Bamsey and Mr. Manzanares for coming to the Philippines to help us develop meaningful project proposals. I believe we will soon have access to the GCF funding,” she stressed.
The GCF is a mechanism developed by the United Nations Framework Convention on Climate Change (UNFCCC) to assist countries in adaptation and mitigation methods to counter climate change.
“The GCF presents great opportunities for economic and social development and I am excited to witness and be part of all the positive changes happening in the next few years. I am looking forward to see the emergence of peace zones in Mindanao; I am excited to see how our indigenous peoples (IPs) can benefit from these socio-economic projects and how rural communities in mining areas and watersheds can gain access to sustainable jobs. I hope we can all come together to support this endeavor,” Legarda concluded.
To date, the GCF has approved 35 projects worldwide with a combined value of US$1.4 billion. The projects involve flood management, climate smart agriculture, coastal adaptation, solar energy, energy savings and insurance, and setting up advanced climate information systems.