Philippines pushes reforms to boost climate finance access

The Philippines has advanced critical reforms to accelerate climate finance access for developing countries during the 42nd Green Climate Fund (GCF) Board Meeting held from June 30 to July 3 in Port Moresby, Papua New Guinea.

Spearheaded by the Department of Finance (DOF), the reforms include the approval of the Revised Accreditation Framework and the establishment of a GCF Regional Presence, both designed to streamline climate finance processes and deepen local engagement.

The Revised Accreditation Framework introduces a more efficient and responsive process for entities seeking GCF partnership, enabling quicker access to resources for on-the-ground climate action in vulnerable nations.

The Regional Presence initiative will allow the GCF to maintain closer coordination with stakeholders on the ground, better understand local contexts, and ensure financing is directed toward high-impact climate interventions.

During the meeting, the GCF Board also approved its largest-ever funding package in a single session, amounting to USD 1.225 billion to support 17 climate adaptation and mitigation projects worldwide.

“This is a milestone for climate finance and developing countries, especially those like the Philippines who are on the frontlines of climate change,” said Director John Narag, who represented DOF Undersecretary Maria Luwalhati Dorotan Tiuseco at the meeting as the Philippines’ GCF Alternate Board Member.

On the sidelines, the DOF pressed for the swift approval of the country’s Third Readiness and Preparatory Support Program (RPSP3), which could unlock up to USD 10 million (approximately PHP 588 million) in grant funding.

The RPSP3 is structured into two sequential proposals, with the first proposal requesting up to USD 7 million in funding to strengthen the DOF’s capacity as the National Designated Authority (NDA) to the GCF and to develop strategic planning instruments aligned with national climate goals.

The second proposal—estimated at a maximum of USD 3 million—will be submitted following the first and aims to implement and operationalize the systems and strategies developed earlier.

“Together, these proposals present a programmatic, sequenced, and synergistic approach to strengthening the Philippines’ climate finance readiness,” the DOF said in a statement.

The Philippines also discussed its pipeline of priority climate projects and future strategies with the GCF Secretariat, reinforcing its commitment to proactive and inclusive climate finance governance.

As an active Alternate Board Member under the Asia-Pacific Group, the Philippines continues to play a key role in shaping GCF policy to ensure finance is accessible, efficient, and tailored to the needs of developing countries.

The GCF, the world’s largest climate fund, was established under the United Nations Framework Convention on Climate Change (UNFCCC) to assist developing countries in adaptation and mitigation practices to counter climate change.