CANADA has committed $5.3 billion to support the Philippines’ climate action projects until 2026, according to a statement from Malacañang on Wednesday. This collaboration between the Philippine government, the United Nations Development Program, and Canada aims to reduce the climate finance gap through nature-based solutions projects funded under the $5.3-billion climate finance commitment.
Andrew Hurst, the Global Affairs Canada Climate Finance Executive Director, highlighted Canada’s increased support for the Philippines in promoting biodiversity conservation, climate change mitigation, adaptation, and resilience, with consideration for gender equality. The project covers a range of activities, including research, knowledge sharing, and the exploration of opportunities for private sector investment in these solutions.
The collaboration and finance commitment will extend until 2026, with Hurst expressing hope that the efforts undertaken in this project will generate ideas and creative solutions that can have a lasting impact beyond its completion. Canada also pledges to remain engaged with the Philippines in climate finance and bilateral assistance programs, ensuring that the positive results achieved continue to be built upon in the future.
Hurst emphasized that the project’s primary objective is to address persistent issues such as poverty reduction, gender inequality, and the support of communities that rely on nature for their livelihoods, while simultaneously conserving and sustaining biodiversity.
In 2021, Canada doubled its international climate finance from $2.65 billion to $5.3 billion, demonstrating its commitment to helping developing countries transition to low-carbon, climate-resilient, nature-positive, and inclusive sustainable development.
This significant financial commitment from Canada will have a profound impact on the Philippines’ climate action efforts. The funding will support nature-based solutions projects that aim to address the challenges posed by climate change and contribute to the country’s sustainable development goals.
By investing in biodiversity conservation, climate change mitigation, adaptation, and resilience, Canada recognizes the importance of protecting the environment while promoting economic growth. These projects will not only help reduce greenhouse gas emissions but also create opportunities for private sector investment in sustainable solutions.
The collaboration between the Philippine government, the United Nations Development Program, and Canada reflects the global recognition of the urgent need to address climate change. Climate finance plays a crucial role in supporting developing countries in their efforts to combat climate change and build resilience.
Canada’s commitment to gender equality in climate action is commendable. By considering gender perspectives in project implementation, the collaboration aims to ensure that women and men benefit equally from climate finance initiatives. This approach recognizes that gender equality is essential for effective and sustainable climate action.
Furthermore, the project’s focus on poverty reduction aligns with the Philippine government’s commitment to achieving inclusive and sustainable development. By supporting communities that depend on nature for their livelihoods, the project aims to uplift vulnerable populations and improve their resilience to climate change impacts.
The increased funding from Canada will enable the Philippines to scale up its climate action efforts and implement innovative solutions. The knowledge sharing and research activities under the project will contribute to building a robust knowledge base and fostering international cooperation in addressing climate change.
As the project progresses, it is essential for stakeholders to monitor its impact and ensure that the funds are effectively utilized. Transparency and accountability are crucial to guarantee that the projects funded under this commitment deliver tangible results and create long-term benefits for the Philippines.
In conclusion, Canada’s commitment of $5.3 billion to support climate action projects in the Philippines demonstrates its dedication to addressing climate change and promoting sustainable development. This collaboration will not only contribute to reducing the climate finance gap but also support biodiversity conservation, climate change mitigation, adaptation, and resilience. By investing in nature-based solutions and considering gender equality, Canada and the Philippines are working together to create a more sustainable and resilient future.
Source: The Manila Times
