To cope with climate change, RP may receive $2.5B in aid

THE PHILIPPINES MAY GET AS much as $2.5 billion in financial assistance from various institutions worldwide to fund environmental projects and programs.

The Philippines is reported to be one of those countries most vulnerable to the ill-effects of climate change.

The country is set to receive $250 million from Clean Investment Funds (CIF) managed by multilateral organizations, including World Bank, Asian Development Bank (ADB) and European Bank for Reconstruction and Development.

Various governments around the world have been contributing to the CIF. Middle- and low-income countries trying to cope with climate change may tap the fund to finance vital projects.

Financial assistance to these countries may come in the form of grants and cheap, long-term loans.

Ursula Schaefer, ADB vice president for knowledge management and sustainable development, said in a press conference yesterday that, apart from the $250 million in CIF aid, the Philippines may also receive more grants and concessional loans from other sources.

According to ADB and World Bank estimates, the Philippines may receive some $1.55 billion if all pledges will materialize. The $2.25 billion includes potential joint contribution, the amount of which has yet to be finalized, from ADB and World Bank.

In the same press conference, Katherine Sierra, World Bank vice president for sustainable development, said the $250-million CIF aid would fund various programs, one of which would promote the use of solar and other renewable forms of energy.

The Philippines is highly qualified to receive CIF assistance due to its geographic location that makes it prone to calamities resulting from climate change, they added. –Michelle Remo, Philippine Daily Inquirer