Climate change fund lures P14B projects

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    The government’s fight against climate change has attracted 172 project proposals from 129 proponents since receiving funding in 2015, according to the Department of Finance (DOF).

    These projects amount to P14.56 billion with various climate adaptation initiatives being proposed from all over the country.

    The initiatives are funded under the People’s Survival Fund (PSF) created under Republic Act No. 10174 signed in 2012, which amends the Climate Change Act of 2009, but received its stipulated P1 billion replenishable fund allocation under the General Appropriations Act regular fund only in 2015.

    The P1 billion replenishable annual allocation intends to provide support on top of the yearly appropriations to local government units (LGU) for climate change related programs and projects.

    DOF said among the activities eligible for funding by the PSF are projects on water resources management, land management, agriculture and fisheries, and health, along with other activities that serve as guarantee for the risk insurance needs of farmers, agricultural workers and other stakeholders.

    “However, most of the proposals submitted to the PSF have failed to pass the initial screening due to incomplete documents or because the project activities are not eligible.

    PSF projects should clearly address the community’s climate vulnerabilities based on scientific and historical data,” DOF said.

    “The objective of PSF projects is to provide an effective combination of engineering and non-engineering interventions, which directly address the area’s climate risks, and capacity building programs designed to empower the community and ensure project sustainability.

    Moreover, as a suppletory fund, it serves to fill the funding gap for climate change projects that are not funded by other government agencies,” it added.