DFA: P1B climate adaptation fund now ready

Oct. 28, 2015

DAVAO CITY —The Climate Change Office is now ready to accept climate adaptation project proposals for funding under the People’s Survival Fund, which was announced during the PSF Board Press Conference held in Makati on Wednesday.

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. Secretary Cesar V. Purisima of the Department of Finance serves as Chairman of the Board.

Purisima said there is a need for both domestic and international funding to “combat and adapt to climate change.”

In a statement to the press, the Department of Finance said “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. It said “$5 trillion of infrastructure funding is required annually up to 2020 but $700 billion in incremental resources is needed to make it sustainable.”

“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 climate-resilient communities,” Purisima said.

Specifically, 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. (davaotoday.com)

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