The country is eligible to tap into $10.3b of pledged financing.
The Philippines has yet to receive financing from the UN-backed Green Climate Fund (GCF), which has set out pledges worth $10.3b and recently added $1.04b of investment in renewables, BusinessMirror reports.
Philippine Climate Change Commission vice chairman Emmanuel V. de Guzman was cited saying that the Philippines will demand more funding to replenish the GCF during negotiations in Poland in December.
Meetings he’d have “with some ambassadors here proved quite promising,” he said. “Some of them have committed to advocating climate finance. As you know in the Paris Agreement, the developed countries would have to raise $100b by 2020.”
The Philippines’ commitment of 70% carbon emission reduction between 2020 and 2030 is being reviewed alongside the crafting of the final National Determined Contribution (NDC). The vice chairman said the NDC will be finalised before the full implementation of the Paris Agreement by 2020.
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