UCCRTF joins green finance forum in Manila
Members of the Urban Climate Change Resilience Trust Fund (UCCRTF) participated in the forum on “Green Finance Towards a Sustainable Philippines” on 17 January in the city of Manila.
The British Embassy Manila convened the event in collaboration with the Bangko Sentral ng Pilipinas (Central Bank of the Philippines), Department of Finance, National Economic and Development Authority, and the Climate Change Commission.
The Philippine Development Plan 2017–2022, in response to global climate change challenges, has embedded adaptation and mitigation strategies for various sectors, such as agriculture, forestry, and infrastructure (energy, transport, and industry). Locally called as ambitions, the plans, however, have huge corresponding financial requirements that may not be feasibly
funded through internal financing alone.
Given the magnitude of capital needed to finance efforts toward a low-carbon future, the Government of the United Kingdom (UK) is committed to bridging the gap between public and private sectors to unlock external financing and help drive the green finance conversation forward both within the UK and internationally.
The event brought together over 130 stakeholders to discuss how the Philippines can best support green investments (photo by UCCRTF).
To this end, the forum aimed to serve as a platform for harnessing and building on the rapidly increasing interest in climate funding and development of new markets for green finance to support green investments in the Philippines, through learning from the UK experience and expertise, as well as from other development partners on green
The UCCRTF team discussed the green investment opportunities being tapped through the fund, with emphasis on climate resilience parameters and UCCRTF interventions in the Philippines. UCCRTF is a climate finance facility designed to support ADB to plan and implement green investments in cities, particularly for the poor and vulnerable urban communities.
About 130 representatives from the government, financial institutions, private sector, civil society organizations, and academia attended the event.