Makati LGU to tap int’l banks for funds, loans to boost city’s climate action
Makati Mayor Abby Binay. File photo / Makati City DRRM Office Facebook
MANILA, Philippines — Makati Mayor Abby Binay on Tuesday vowed to push for using climate-financing instruments that grant access to loans and funding opportunities to boost climate action in the city.
Binat said this after attending Daring Cities 2022, an event organized by the International Council for Local Environmental Initiatives (ICLEI)-Local Governments for Sustainability in Bonn, Germany, last week.
“I learned that there are three climate-financing instruments that we can use in Makati. These include the city climate finance gap fund, green cities program, and the local climate adaptive living facility,” Binay said in a statement.
According to her, Makati is planning to apply for support from the World Bank and the European Investment Bank through its city climate finance gap fund — a trust fund providing technical assistance and capacity building in turning climate-focused ideas into concrete project proposals.
Meanwhile, the city also plans to tap the European Bank for Reconstruction and Development through its green cities program to create an action plan that introduces sustainable infrastructure investments and policy measures.
She also said Makati is considering applying for the local climate adaptive living facility, a mechanism designed and hosted by the United Nations Capital Development Fund that provides technical assistance and tools for local governments to access climate funds.
“I will introduce these three climate-financing instruments to the Makati Climate Change Committee so that we can study how we can use them to improve the quality of life of Makatizens and, at the same time, reduce our greenhouse gas emissions and mitigate the impact of climate change,” she said.
Binay is set to attend the 27th United Nations Climate Change Conference in Sharm El Sheikh, Egypt, from November 6 to 18, 2022
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