The Department of Finance (DOF) has launched an initiative, in partnership with the United Nations Development Programme (UNDP) and with support from the Canadian government, to help enterprises scale up sustainable and inclusive business operations.
The initiative is called the “Accelerating Green and Climate Finance in the Philippines: Nature-based Solutions” or AGCF-NbS, the DOF said in a statement on Thursday.
The DOF said the NatureNest accelerator program under the AGCF initiative, co-implemented by early-stage social enterprise incubator Villgro Philippines, has started the process to identify and support 10 high-potential nature-based enterprises in the country that deliver direct, measurable environmental benefits, while driving sustainable and inclusive economic growth.
With an approved AGCF funding of $4.5 million, the project will support the establishment of a climate finance lab; climate data platforms for research in Nature-Based Solutions finance; the design and incorporation of gender-responsive and green and climate-related policies in lending programs; and the establishment of a system to report Sustainable Development Goal impacts of green and climate investments made by the private sector and financing institutions.
“NatureNest is a vehicle of transformation, serving as an avenue to enhance the capacity of enterprises in developing and implementing NbS projects allowing participants to transform innovative ideas into scalable projects that will create jobs, restore and protect ecosystems, and shield vulnerable communities from the risks of climate change,” the DOF Climate Finance Policy Group said in a message of support delivered during the program launch on May 5.
The enterprises will be supported through tailored capacity-building, targeted coaching and specialized technical assistance to help them scale rapidly, the DOF said.
Private sector capital will also be harnessed to scale the impact of nature-based enterprises by connecting mission-aligned investors and unlocking funding opportunities for growth, the DOF explained.
“The NatureNest allows us to tap into the potential of NbS as cost-effective and sustainable means to build climate resilient communities and incentivize private sector investment,” the DOF said.
