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[av_heading heading=’Loren wants PH to seek ‘green investments’’ tag=’h3′ style=’blockquote modern-quote’ size=” subheading_active=’subheading_below’ subheading_size=’15’ padding=’10’ color=” custom_font=”]
By Prince Golez, Manila Reporter
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Monday, February 20, 2017
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MANILA – Millions of Filipinos would benefit from the $100 billion green climate fund (GCF), a mechanism established by the United Nations Framework Convention on Climate Change in support of green investments, said Sen. Loren Legarda.
Legarda stressed that the GCF would assist the country’s indigenous people in overcoming poverty through socio-economic projects, as well as rural mining communities and watersheds.
“The resources coming from the national budget and the GCF will help transform the lives of millions of Filipinos,” the chief of the Senate committees on climate change and finance said.
“This is what we have been waiting for – that developed countries that are historically the biggest emitters of greenhouse gasses to aid vulnerable, low-emitting nations like the Philippines.”
In 2010, wealthy nations agreed to raise $100 billion under the GCF by 2020 to assist developing countries address their mitigation and adaptation needs, the senator from Antique said.
“We have to make sure that environment and climate change sit at the core of our development plants. We are one in believing in the urgency of dealing with climate change impacts through mitigation and adaptation, including disaster risk reduction,” she said.
All concerned government agencies have also been urged to work together in coming up with projects that would benefit the Filipinos, especially the poor who are most exposed to climate risks.
“The GCF presents great opportunities for economic and social development and I am excited to witness and be part of all the positive changes happening in the next few years,” Legarda pointed out.
The GCF has already approved a total of 35 projects worth $1.4 billion worldwide.
These projects have provided resources for flood management, climate smart agriculture, coastal adaptation, solar energy, energy savings and insurance, and setting up advanced climate information systems./PN
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