Green Climate Fund accredits LANDBANK as Phl partner

LANDBANK Assistant Vice President for Environmental Program & Management Prudencio Calado III (fourth from right) represented the Bank during the Green Climate Fund Meeting in Manama, Bahrain. Also in photo are (from left) GCF Accreditation Panel member Atty. Antonio Gabriel La ViAa, GCF Accreditation Panel Chair Anastasia Northland, Josefina Ramos of Climate Change Commission, GCF Accreditation Panel member Yogesh Vyas, GCF Accreditation Specialist Olena Borysova, GCF Secretariat Rouna A, and EPMD Program Assistant Amelito Segarra Jr.

The Green Climate Fund (GCF) recently accredited the Land Bank of the Philippines as a conduit in financing climate change mitigation and adaptation programs and projects of national and local government agencies, business enterprises, communities, as well as local and civil society organizations.

LANDBANK was accredited as the country's first Direct Access Entity (DAE) by GCF along with 16 others during its October 2018 board meeting in Bahrain, where it also approved 19 new projects worth over US$ 1 billion. This brings the total GCF-supported initiatives this year to 42, worth over US$8 billion.

To date, the GCF has 75 accredited entities worldwide, implementing 93 projects amounting to over USD 4.6 billion since the fund was established by donor countries, which committed to invest more than US$10 billion.

The GCF was organized in 2010 by 194 countries that are parties to the United Nations Framework Convention on Climate Change (UNFCCC), as part of the Convention's financial mechanism.

It courses its financial assistance to developing countries in the form of grants, loans, equity or guarantees through accredited DAEs like LANDBANK, and other international and local partner agencies.

LANDBANK recognizes its role in strengthening the country's capacity to access climate finance sources for the achievement of our national development goals, said LANDBANK president and CEO Alex V. Buenaventura.

Buenaventura said LANDBANK will serve as a conduit for channelling GCF financing to pursue climate change mitigation and adaptation programs and projects in such fields as sustainable agriculture, forestry, fisheries, energy, transport, water, housing, tourism, health, and infrastructure, among others.

As a DAE, LANDBANK will be responsible for managing a GCF-approved project from design, evaluation and financial closure, using the organization's own systems, such as procurement, environmental and social standards, and audit and accounting procedures.

In partnership with the Climate Change Commission (CCC) and concerned national government agencies (NGAs), LANDBANK will work closely with project proponents that include NGAs, local government units, small and medium enterprises, cooperatives, private corporations, as well as financing institutions. The CCC is the country's national designated authority for the GCF.

In getting the GCF accreditation, Buenaventura acknowledged the technical support and guidance of the CCC, Department of Environment and Natural Resources, World Resources Institute, United Nations Development Program, and the Frankfurt School of Germany.

Among the big-ticket projects approved by the GCF in its Bahrain board meeting were the: US$ 100-million Indonesia Geothermal Resource Risk Mitigation Project with World Bank; and the US$ 101.4-million Green Cities Facility in nine countries with the European Bank for Reconstruction and Development. The GCF is headquartered in Songdo, Republic of Korea.

Interested project proponents may contact LANDBANK's Environmental Program & Management Department at (632) 405-7339 or email lbp.epmd@mail.landbank.com.

Source: Land Bank

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