PHL to spend most of P2.85-B global fund share on biodiversity projects��

THE PHILIPPINES is allocating most of its share from a multilateral green fund to projects that will protect and conserve the country’s biodiversity, the Department of Environment and Natural Resources (DENR) said on Tuesday.����

Under the 8^th replenishment of the Global Environmental Facility (GEF-8), the Philippines has been granted $52 million or P2.85 billion.����

“With one of the largest allocations in Southeast Asia, the Philippines is expected to narrow the gap for biodiversity spending,” DENR said.������

The country has nine projects proposed for GEF-8 funding.����������

These projects are categorized across the five focal areas of biodiversity, climate change mitigation, land degradation, chemicals and waste, and international waters.��

“With almost a 40% increase, one of the top countries resulting in this STAR allocation. We should take this opportunity,” Al O. Orolfo, director of DENR-Foreign Assisted and Special Projects Services (FASPS), said in a statement.����

“This allocation is an opportunity to provide some financing gaps to funding different environmental concerns,” he added.������

The agency did not disclose the cost and description for each of the proposed projects.����

The DENR, through the FASPS, will work with the GEF Secretariat and other financing agencies during the project’s implementation cycle from 2023-2026.����

“In the end, it should trickle down to the communities, but at the same time, it should also have a global impact,” said Mr. Orolfo.����

In June last year, 29 donor governments pledged $5.33 billion to the global fund for the next four years to help meet nature and climate targets, according to the GEF website.������

“The record funding will support large-scale initiatives to address biodiversity and forest loss, improve ocean health, combat pollution, and reduce the effects of climate change within the decade,” GEF said. — Sheldeen Joy Talavera