Canada set to finance over $5 billion worth of climate-related deals in PH

Philippines is fighting more disasters than wars, with fierce storms like Supertyphoon Yolanda (international name: Haiyan), claiming as many lives as gun battles, said Lucille Sering, chair of Climate Change Commission. (File photo from AP)

MANILA, Philippines — Canada has committed total of $5.3 billion worth of financing for projects relating to climate in the Philippines, according to Palace on Wednesday.

In a statement, it said Canada is increasing its support to help Philippines with biodiversity conservation, climate change mitigation and adaptation.

The pledge was made by Global Affairs Canada Climate Finance Executive Director Andrew Hurst.

“The Philippine government and the United Nations Development Program are working in collaboration with Canada to reduce the climate finance gap through natured-based solutions projects to be funded under a $5.3-billion climate finance commitment,” said Presidential Communications Office.

The commitment includes funding for research and knowledge sharing, according to Hurst.

“Some of the efforts that are undertaken in this project can really generate some ideas and form some creative solutions that themselves may have a life beyond the end of the project,” he said.