Finance Secretary Ralph Recto secured 250 million euros (PHP15.79 billion) concessional funding from France, through the Agence Française De Développement (AFD), to help advance the Philippines’ climate actions.
The ceremonial exchange for the Climate Change Action Plan, Subprogram 2 (CCAP2) was formally executed between Recto and French Ambassador to Manila Marie Fontanel on Monday, the Department of Finance (DOF) said in a news release.
The DOF said the agreement is consistent with President Ferdinand R. Marcos Jr.’s call for innovative strategies to address climate change.
“[This] is a vote of confidence in the Filipino people and our shared vision of a greener, safer, and more resilient future,” Recto said.
CCAP2 builds on the achievements of CCAP1 to support the Philippines in achieving its Nationally Determined Contribution (NDC) commitments and in its efforts to assist vulnerable sectors in the transition to a resilient, low-carbon economy.
CCAP comprises three subprograms that support various climate-related policy reforms, such as strengthening planning, financing, and institutional linkages for climate action, enhancing resilience to climate impacts, and strengthening low-carbon pathways.
CCAP1 was implemented from January 2020 to March 2022 and was supported by a USD250-million (PHP13.90 billion) financing from the Asian Development Bank (ADB) and a 150-million-euro (PHP9.47 billion) funding from the AFD.
For CCAP2, the ADB will provide PHP28.36 billion while the Japan International Cooperation Agency (JICA) will also give PHP13.3 billion.
“With this agreement, we strengthen our strategic cooperation on climate action, reinforce our institutional capacities, and accelerate the delivery of real, lasting change —especially for the most vulnerable,” Recto said.
“This is the kind of meaningful partnership the times demand—ambitious, strategic, and purposeful.”
Recto thanked the French government for its continued support and decade-long partnership with the Philippines, which is strengthened by both nations’ common resolve to address climate change.
He also assured the French government of the Philippine government’s commitment to implementing the program with urgency and integrity.
“We will ensure that every euro invested and every collaboration will translate to meaningful impact in the lives of ordinary Filipinos,” Recto said.
Fontanel, meanwhile, acknowledged the Philippine government’s efforts to tackle climate change.
“France and the Philippines stand once again united in their commitment to address the urgent challenges of climate change, environmental degradation, and ocean protection,” Fontanel said.
“I would like to commend the government of the Philippines for its leadership and resolve in tackling those global issues.”
The AFD is a public financial institution that implements French government policy and works to combat poverty and promote sustainable development.
“As a development partner, we are proud to be a part of this effort and to be working at the policy level. We firmly believe that working on systemic change is essential to meet the scale and urgency of today’s climate challenges,” AFD Country Director Benedicte Gazon said. (PNA)
