DBP joins UN’s Green Climate Fund
THE听Development Bank of the Philippines (DBP) has been accredited听to join the听United Nations听(UN) Green Climate Fund (GCF), making it among the banks that听can provide financing for environment and climate change-related programs听in听developing countries.听
DBP President and CEO Emmanuel G.听Herbosa听said in a statement Friday that the bank will be the second Philippine entity to join the international fund,听created by the UN Framework Convention on Climate Change (UNFCCC).听
“We envision GCF as an additional source of highly-concessional loans or even grants to expand the reach and to scale up DBP’s environmental and climate-related programs and advocacies,” Mr.听Herbosa听said.听
He said the bank is currently听in听discussions听with potential development partners to听help it formulate and roll out green energy, energy efficiency, waste management, and disaster resilience projects.听
The GCF, established in 2010, aims to extend financing and technical support to developing economies听seeking to cut their carbon emissions and adopt climate-resilient programs. It also assists vulnerable nations听in听adapting听to the severe impacts of climate change.听
Participating banks can tap the fund to help channel the grants, concessional loans, guarantees or equity instruments for proposed projects.听
The GCF now has 113 accredited entities, 57 of which are government agencies, which can provide support worth up to $250 million per project.听
“We are honored to be in the select roster of international and national commercial banks; multilateral, regional and national development finance institutions; and civil society organizations, among others, that are working together for the implementation of climate change mitigation and adaptation projects on a global scale,” the DBP chief said.听
The bank is the sixth-largest bank in the country in terms of assets and has been designated the听lead bank for听infrastructure.听
Its net听profit fell听30% to P3.9 billion听in 2020听on听increased loan听loss听provisionins听and operating expenses.听
The Philippines听has听committed to cut its total greenhouse gas emissions by 75% by 2030.听鈥 Beatrice M.听Laforga听
