Philippines gets $5.3bln climate finance commitment from Canada

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The Philippines and the United Nations Development Program have secured $5.3 billion in climate finance commitment from Canada, Malacañang said yesterday.

Global Affairs Canada Climate Finance executive director Andrew Hurst announced Canada's increased support for the Philippines in the ongoing 28th Conference of the Parties of the United Nations Framework Convention on Climate Change in Dubai.

According to a statement from the Presidential Communications Office (PCO), the new funding will help the Philippines in promoting biodiversity conservation, climate change mitigation, adaptation and resilience with consideration for gender equality.

The collaboration and finance commitment will run until 2026.

Hurst said their project covers activities that include research and knowledge sharing.

'It is also looking at ways to encourage the private sector both international and Philippines investors looking for opportunities to invest in these kinds of solutions,' Hurst was quoted by the PCO as saying.

Hurst expressed hope that 'some of the efforts that are undertaken in this project can generate some ideas and form creative solutions that themselves may have a life beyond the end of the project.

'To the extent that good things come out of this project, then the results that are generated will continue to look for opportunities to build on and also work together in the future,' he said.

Hurst said they aim to address a number of persistent issues through a single intervention or in an integrated way.