Clean Energy Financing Partnership Facility Update
The Philippines remains acutely vulnerable to climate change and challenges for financing climate actions are made worse by the COVID-19 pandemic. In 2021, the Philippine government announced its new climate targets in the Nationally Determined Contribution under the Paris Agreement, committing to 75% reductions in GHG emissions from 2020 to 2030. This is the most ambitious target among the ASEAN countries. The government has requested the development of a cross-sectoral climate change policy-based loan to drive economy-wide climate action in the country.
On 27 August 2021, a direct charge was approved for funding support from the Clean Energy Fund under the Clean Energy Financing Partnership Facility (CEFPF) to support the energy and mitigation work for this initiative. Through the direct charge, a Mitigation Program Design Expert will be engaged for seven months and will be expected to support negotiations and agreements on policy actions with government partners as well as help develop technical assistance scopes to deepen policy action implementation through subprogram 2 in 2024. The outcome will be a roadmap for ADB’s future climate mitigation priorities in the Philippines.
The Clean Energy Financing Partnership Facility is committed to improving energy security in DMCs and decreasing the rate of climate change through increased use of clean energy.
The CEFPF is being managed by the Sector Advisory Division in SDCC. The next batch application deadline is on 31 October 2021. For any inquiry on the CEFPF, you may get in touch with the Alternate Facility Manager, Kee-Yung Nam, or the CEFPF Secretariat through Denise Encarnacion.