The United Nations (UN) Green Climate Fund (GCF) has accredited the Development Bank of the Philippines (DBP), making it among the banks that can provide financing for environment and climate change-related programs in developing countries.

DBP will be the second Philippine entity to join the international fund created by the UN Framework Convention on Climate Change (UNFCCC).  The GCF, established in 2010, aims to extend financing and technical support to developing economies seeking to cut their carbon emissions and adopt climate-resilient programs, and assists vulnerable nations in adapting to the severe impacts of climate change.

The GCF now has 113 accredited entities, 57 of which are government agencies, which can provide support worth up to $250 million per project. 

DBP is the sixth-largest bank in the country in terms of assets and has been designated the lead bank for infrastructure.  Its net profit fell 30% to P3.9 billion in 2020 on increased loan loss provisions and operating expenses. 

The Philippines has committed to cut its total greenhouse gas emissions by 75% by 2030.

Source: Business World Online 16 July 2021

https://www.bworldonline.com/dbp-joins-uns-green-climate-fund/