Project profile — Accelerating green and climate finance in the Philippines

• Philippines (100.00%)

• Banking And Financial Services: Education/training in banking and financial services (24081) (20.00%)
• Business support services and institutions:
Business support services and institutions (25010) (15.00%)
Business Development Services (25030) (30.00%)
• Environmental policy and administrative management:
Environmental policy and administrative management (41010) (15.00%)
Bio-diversity (41030) (10.00%)
• Other Multisector: Multisector aid (43010) (10.00%)

• Disaster Risk Reduction(DRR) (significant objective)
• Climate change mitigation (principal objective)
• Urban issues (significant objective)
• Climate Change Adaptation (principal objective)
• ICT as a tool for development (significant objective)
• Environmental sustainability (cross-cutting) (principal objective)
• Biodiversity (significant objective)
• Participatory development and good governance (significant objective)
• Gender equality (significant objective)

This project aims to improve the resiliency and environmental security of Filipino women and vulnerable communities through support for the climate financing environment in the Philippines. It seeks to create an innovative financing ecosystem that help increase investments into nature-based solutions for climate change adaptation and mitigation. Project activities include: (1) establishing a climate finance lab; (2) supporting climate data platforms for research in nature-based solutions finance; (3) training financial institutions to design and incorporate gender-responsive and green and climate-related policies in their lending programs; and (4) establishing an impact management system to report on SDG impacts of green and climate investments by the private sector and financing institutions. The project’s nature-based solutions benefit at least 19 Peoples Organizations and 100 households. At least 3 communities benefit from nature-based solutions projects developed and matched with climate financing instruments. At the national level, the project builds capacity to develop innovative climate finance solutions and SDG impact monitoring of key agencies. This includes Department of Finance, Central Bank of the Philippines, Climate Change Commission, Department of Environment and Natural Resources, Securities and Exchange Commission, and Public-Private Partnership Center.

The expected outcomes of this project include: (1) improved effectiveness of gender-sensitive climate finance platforms for evidence-based policy dialogue between government, development partners and private sector in the Philippines; (2) increased access to innovative and gender-responsive green and climate finance solutions, including nature-based climate solutions and biodiversity conservation projects; (3) improved overall lending practice and behaviour of financial institutions in incorporating gender-sensitive and green and climate-related policies in the Philippines; and (4) improved reporting on the SDG impacts of green and climate investments by the private sector and financing institutions in the Philippines.

Results achieved as of March 2025 include: (1) developed new climate finance platforms and web applications hosted by Philippine government agencies aimed at facilitating stakeholder coordination and data consolidation; (2) supported the Department of Finance in developing a national Climate Finance Strategy, a framework for mobilizing finance and aligning financial flows with national climate priorities; (3) delivered technical assistance to the Department of Environment and Natural Resources (DENR) for policy development on nature-based solutions and forest carbon. This includes Executive Order on Carbon Market Mechanism, Administrative Order on establishing a voluntary forest carbon regulatory framework, and Carbon Policy Roadmap that outlines the strategic direction for voluntary carbon trading and finance mechanisms); (4) introduced, through the Philippine Stream of the Global Innovation Lab, 2 climate finance instruments that support forest conservation. This is done by attracting investors through carbon credit revenues, and develop an agri-fishery regenerative fund to help address the agricultural credit gap while also promoting nature-positive practices among small holder famers; and (5) designed initiatives that build local capacity to deliver bankable nature-based and biodiversity projects.

• Proactive disclosure