THE Department of Finance (DoF) said it tied up with the United Nations Development Programme (UNDP) to launch a $4.5-million “accelerator” which will help enterprises scale up sustainable and inclusive businesses.
“It aims to identify and support 10 high-potential nature-based enterprises that deliver direct, measurable environmental benefits while driving sustainable and inclusive economic growth,” the DoF said in a statement on Thursday.
NatureNest, which was launched on May 5, is a six-month accelerator program under Accelerating Green and Climate Finance in the Philippines: Nature-based Solutions (AGCF) Project.
Also providing funding were the Government of Canada. The UNDP tapped Villgro Philippines to implement the program.
The DoF said the enterprises participating in the program will be supported with capacity-building, coaching, and specialized technical assistance to help them scale immediately.
The project will fund the creation of a climate finance lab; climate data platforms for research in Nature-Based Solutions finance; as well as the design and incorporation of gender-responsive and green and climate-related policies in lending programs.
The AGCF program will also support the establishment of a system to report Sustainable Development Goals impact of green and climate investments made by the private sector and financial institutions. — Aubrey Rose A. Inosante