DBP appointed loan intermediary for UN-backed climate fund
The Public Development Bank of the Philippines (DBP) has obtained accreditation from a United Nations-backed institution that provides financial support for environment and climate-related programs and advocacy in accordance with the Paris Agreement and the Kyoto Protocol.
In a statement, Emmanuel Herbosa, president and CEO of DBP, said the bank was only the second Philippine institution named as accredited entities of the Green Climate Fund, an international fund established by the Convention. -United Nations Climate Change Framework (UNFCCC) to support climate change mitigation and adaptation initiatives in developing countries.
“We are honored to be on the selection list of international and domestic commercial banks; multilateral, regional and national development finance institutions; and civil society organizations working together for the implementation of global climate change mitigation and adaptation projects, ”he said.
DBP is the country’s sixth-largest bank in terms of assets and provides credit support to four strategic sectors of the economy: infrastructure and logistics; micro, small and medium enterprises; environment, social services and community development.
The Green Climate Fund was established in 2010 by the UNFCCC, with 194 governments, to provide financing and technical support to developing countries to move towards low-emission and climate-resilient development while helping vulnerable societies to adapt to the inevitable impacts of climate change.
Under this mechanism, the fund can be operated by accredited entities and implementing partners, who work directly with developing countries for the design and implementation of projects. The fund provides financial support through a combination of grants, concessional debt, guarantees or equity instruments to mobilize blended finance and attract private investment for climate action in developing countries.
Herbosa said DBP was one of 113 accredited entities around the world, of which 57 are national agencies, which would allow the bank to channel support of up to $ 250 million per project or program.
He said DBP was in talks with potential development partners who could work with the bank to formulate and implement responsive projects focused on green energy, energy efficiency, waste management and resilience projects. to disasters, among others.
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