State-owned Development Bank of the Philippines (DBP) has secured the accreditation of a United Nations-backed institution that provides financing for environment and climate-related programs and advocacies in line with the Paris Agreement and Kyoto Protocol.
DBP President and Chief Executive Officer Emmanuel G. Herbosa said DBP is only the second Philippine institution, and one of 10 foreign institutions, approved recently as Accredited Entities of the Green Climate Fund.
The GCF is an international fund created by the United Nations Framework Convention on Climate Change to support climate mitigation and adaptation initiatives in developing countries.
“We are honored to be in the select roster of international and national commercial banks; multilateral, regional and national development finance institutions; and civil society organizations, among others, that are working together for the implementation of climate change mitigation and adaptation projects on a global scale,” Herbosa said.
The GCF was created in 2010 by the UNFCCC, along with 194 governments, to provide financing and technical support to developing countries to shift to low-emission and climate resilient development, while helping vulnerable societies adapt to the inevitable impacts of climate change.
DBP is the sixth largest bank in the country in terms of assets and provides credit support to four strategic sectors of the economy—infrastructure and logistics; micro, small and medium enterprises; the environment; and social services and community development.