The Philippines, through the Department of Finance (DOF), has pushed for key reforms to accelerate climate finance access for developing countries at the 42nd Board Meeting of the Green Climate Fund (GCF) held from June 30 to July 3, 2025 in Port Moresby, Papua New Guinea.

Among the key reforms approved by the GCF are the Revised Accreditation Framework and the establishment of a GCF Regional Presence.

The Revised Accreditation Framework introduces a streamlined and responsive process for entities seeking to partner with the GCF. This improves efficiency and widens access to financing for developing nations, ultimately fast-tracking the deployment of resources for immediate on-the-ground climate action.

Meanwhile, the establishment of a Regional Presence allows the GCF to better understand and respond to local needs, foster stronger partnerships, and ensure that climate finance effectively reaches the frontline of climate action.

In addition to the reforms, the Board also approved USD 1.225 billion-worth of financing for 17 projects––the largest funding package ever endorsed by the GCF Board in a single meeting.

This substantial investment will support a diverse range of climate adaptation and mitigation projects globally, further accelerating efforts to combat climate change and build resilience.

On the sidelines of the meeting, the DOF advanced the Philippines’ climate finance agenda through bilateral discussions with the GCF Secretariat. It strongly pushed for the immediate approval of the country’s Third Readiness and Preparatory Support Program (RPSP3), which supports country-driven initiatives to strengthen institutional capacities, governance mechanisms, and planning and programming frameworks towards a transformational long-term climate action agenda.

The Philippines aims to access up to USD 10 million grant under the RPSP3, a cornerstone initiative designed to significantly bolster the nation’s capacity to effectively engage with and benefit from the GCF.

The first proposal, amounting to a grant of up to USD 7 million, focuses on enabling conditions for climate finance access by strengthening the capacity of the DOF as the National Designated Authority (NDA) of the Philippines to the GCF and developing long-term strategic instruments complementary to the National Adaptation Plan and the Nationally Determined Contributions Implementation Plan.

The second proposal, to be submitted at a later stage after the approval of the first proposal under the GCF’s Country-driven window, is estimated to be a maximum of USD 3 million grant. It will be designed to implement and operationalize the long-term strategies and systems developed under the first proposal.

Together, the two proposals present a programmatic, sequenced, and synergistic approach to strengthening the Philippines’ climate finance readiness.

Moreover, the DOF also discussed with the GCF the country’s priority pipeline projects and explored ways forward on selected issues.

The Philippines, through the DOF, continues to play a vital role in shaping the GCF’s policy direction. As an active Alternate Board Member under the Asia-Pacific Group constituency, the DOF supports key reforms to ensure that climate finance is more responsive and rooted in the needs of developing nations.

DOF Undersecretary Maria Luwalhati Dorotan Tiuseco was represented by Director John Narag as the GCF Alternate Board Member during the Board Meeting.