The Philippine government, through Land Bank of the Philippines (LBP) and the Philippine Atmospheric Geological and Seismological Administration (PAGASA), will implement a P1.2 billion ($22 million) climate adaptation project, purposely to prepare disaster-prone communities from the adverse impacts of man- and nature caused calamities. More specifically, the twin government agencies plan is to establish an impact-based forecasting (IBF) and an early facility warning system for the calamity prone country (IBF-PH project).
Accordingly, the project is aimed “to enable communities, especially those frequently hit by disasters, to take better pre-emptive measures against natural and other forms of calamities. The same project has received P552.2 million funding grant from the Green Climate Fund (GCF) and another co-financing fund of P662.7 million from PAGASA through the DThe GCF, a creation of the United Nations Framework Convention on Climate Change (UNFCCC) and Paris Agreement of 2015, is an operating agency of the financial mechanism portfolio. Considered the world’s largest multilateral climate funding source, has nearly $11 billion approved fund and a total portfolio of over $40 billion. The Philippines, as signatory to the Paris Agreement, is qualified to avail of the fund for its climate adaptation initiatives.
I am personally happy that the Philippines, a natural calamity-prone country, has vied for the GCF assistance for its climate change-oriented projects. It’s about time that the PBBM administration tap resources for its climate adaptation projects – to paraphrase his recent statement, thus “… either we adapt or we perish…” referring to natural calamities happening in the country.
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