THE Department of Finance (DoF) said the Philippines has obtained a €250 million worth of concessional funding from France, via the Agence Française De Développement (AFD), to support climate action initiatives.
In a statement on Monday, the DoF said CCAP2 is co-financed by the Asian Development Bank (ADB) contributing €449.12 million and the Japan International Cooperation Agency pitching in ¥35 billion.
The Climate Change Action Plan, Subprogram 2 (CCAP2) assists vulnerable sectors in the transition to a resilient, low-carbon economy.
“(This) is a vote of confidence in the Filipino people and our shared vision of a greener, safer, and more resilient future,” Finance Secretary Ralph G. Recto said.
An earlier phase, CCAP1, ran from January 2020 to March 2022.
The first subprogram was supported by the ADB and the AFD, which contributed $250 million and €150 million, respectively.
The CCAPs are three subprograms that support various climate-related policy reforms.
“With this agreement, we strengthen our strategic cooperation on climate action, reinforce our institutional capacities, and accelerate the delivery of real, lasting change — especially for the most vulnerable,” Mr. Recto said.
On June 2, the ceremonial exchange for CCAP2 was executed by Mr. Recto and French Ambassador Marie Fontanel.
“France and the Philippines stand once again united in their commitment to address the urgent challenges of climate change, environmental degradation, and ocean protection,” the Ambassador said in a statement.
The AFD works to curb poverty and promote sustainable development. — Aubrey Rose A. Inosante