Climate Adaption Fund now ready
THE CLIMATE Change Office is now ready to accept climate adaptation project proposals for funding under the People’s Survival Fund (PSF).
“The PSF is a locally funded effort of the Philippines to meet this investment challenge, enabling communities under threat of climate change to adapt and live sustainably. We look forward to seeing every peso in the fund count towards more climateresilient communities. This is an investment for the future that we hope will expand further,” Finance Secretary Cesar Purisima said.
The PSF was created by virtue of Republic Act 10174 to enable the government to address the problem of climate change. It has mandated the allocation of a P1 billion fund to be accessed by local government units and community organizations to finance their climate change adaptation projects.
Under the law, the Climate Change office (CCO) of the Climate Change Commission will serve as secretariat of the board and will receive and evaluate the proposals to be approved by the board which is headed by Purisima himself.
Citing data from the Global Commission on the Economy and Climate and the World Economic Forum, Purisima described the dire need for both domestic and international funding to combat and adapt to climate change.
Up to 2030, about $90 trillion in infrastructure investments and over $4 trillion in incremental investments for low carbon technologies are required to deliver on the 2 degree Celsius goal. Further, some $5 trillion of infrastructure funding is required annually up to 2020 but $700 billion in incremental resources is needed to make it sustainable.
According to Joyceline Goco, Deputy Executive Director of the CCO, the implementation of the PSF augurs well for the government as it undertakes efforts to tackle the adverse effects of climate change.
“With the fund support coming from the PSF, local government units will now have the means to realize the plans they have set up to insulate their constituents against climate change-induced disasters and even exploit the benefits that climate change may bring,” Goco said.
The fund is intended for adaptation activities that include water resources management, land management, agriculture and fisheries, health, among others, and serve as guarantee for risk insurance needs for farmers, agricultural workers and other stakeholders.
It will also be used for establishing regional centers and information networks and strengthening of existing ones to support climate change adaptation initiatives and projects, for setting up of forecasting and early warning systems against climate-related hazards, support to institutional development such as preventive measures, planning, preparedness and management of impacts relating to climate change, including contingency planning for droughts and floods.
The other members of the Board are the vice chairperson of the Climate Change Commission, secretary of the Department of Budget and Management, director general of the National Economic and Development Authority, secretary of the Department of the Interior and Local Government, chairperson of the Philippine Commission on Women, representative from the academe and scientific community, business sector, and nongovernment organizations.