TCRP PH vows support for the strengthening of PH climate finance tracking system

Manila — The Climate Reality Project (TCRP) Philippines said it will support initiatives to establish and institutionalize a national monitoring system for climate finance in the country.

 

“We are ready to provide technical support to the government in developing a system for cross-checking the reports of donor countries and institutions to the Organization for Economic Cooperation and Development,” Nazrin Castro, TCRP PH Branch Manager, said following the Roundtable Discussion on Climate Adaptation Finance Tracking organized by climate policy think tank  Institute of Climate and Sustainable Cities (ICSC).

The roundtable discussion focused on the findings of the study Climate Finance Adaptation Study Report: Philippines, which is part of an international pilot project to evaluate the accuracy and reliability of multilateral and bilateral donors’ reporting of climate finance.

According to the report, the Philippines received $4.3 billion worth of climate financing between 2013 and 2017. However, 37% of the $2.1 billion allocated for adaptation, or USD 770 million, could be considered as “over-reported” funds or funds that could not be considered as genuine adaptation finance.

“Establishing a credible climate finance tracking system will make it easier for the government to assess and determine the gaps in adaptation and mitigation financing in the country,”
NAZRIN CASTRO, THE CLIMATE REALITY PROJECT PHILIPPINES

During the forum, ICSC Deputy Executive Director Kairos Dela Cruz said that they plan to further strengthen the report in the coming months.

Castro explained that the initial findings of the report are critical not just in extracting accountability from all actors involved in the mobilization of climate finance, but also in ensuring that climate funds are being utilized according to the needs of the recipient countries.

“Establishing a credible climate finance tracking system will make it easier for the government to assess and determine the gaps in adaptation and mitigation financing in the country,” Castro said. “It will also enable us to develop a country-driven climate finance plan for the country’s Nationally Determined Contribution (NDC) and the National Adaptation Plan,” she added.

The draft Philippine NDC commits a 75% greenhouse gas reduction and avoidance by 2030 from 2010 levels. Of this mitigation target, 72.67% will depend heavily on the transfer of climate finance and leading-edge technologies from developed countries.

In line with this, Castro said the Philippines could use the initial findings of the report as leverage in negotiating for the enhancement of the global climate finance mobilization process in the upcoming 26th Conference of Parties to the United Nations Framework Convention on Climate Change.

“Aside from developing our own climate finance plan and monitoring system, we should also push for the development of a climate finance accounting system under the Paris Agreement. This system should not just promote transparency, but also enable congruent matching between the mitigation needs of developing countries and the means of implementation support made by developed countries,” Castro explained.

This proposed global accounting system, Castro said, will be critical in ensuring the delivery of finance, capacity building, and technology transfer support for the achievement of our NDC targets and meeting the adaptation needs of communities in the context of climate justice.