The French government will extend at least 50 million euros to the Philippines to contribute to the country’s prevention and reconstruction efforts in response to natural disasters resulting from the effects of climate change.
The two countries announced the grant of support from France in a Joint Declaration on the Enhanced Partnership between the Republic of the Philippines and the French Republic.
According to the declaration, the loan will be given to the Philippine government through the French Development Agency.
Both countries also stressed the importance of strengthening the fight against climate change and its impacts and agreed to work together to encourage the adoption of a universal and equitable agreement during the 21st Conference of the Parties to the United Nations Framework Convention on Climate Change (COP21), to be hosted by France in December.
“We, therefore, took the initiative to launch the Manila Call to Action on Climate Change, which takes into account the needs and concerns of the most vulnerable countries,” the declaration read.
In a joint press conference with President Benigno S. Aquino III, visiting President of France François Hollande said the French Agency for Development will extend loans and credits to many investment funds, not only in the Philippines but other countries as well.
President Hollande said a Green Fund has already been created in France. He however stressed the need to create an international Green Climate Fund, which aims to pool resources from different countries and international institutions to support countries vulnerable to the effects of climate change.
“Our ambition is, therefore, starting from 2020, to generate $100 billion for the funding of what would be energy transition and the protection of the most vulnerable countries,” President Hollande said.
“This is what we hope to bring forward to the Paris conference but this will not prevent Europe and France to already take action and this is what I wanted to indicate by coming to the Philippines,” he added.
The French leader arrived in Manila on Thursday for a two-day state visit, the first for an incumbent French president since the two countries established diplomatic relations in 1947.
Aside from meeting President Aquino in Malacañang, President Hollande is also slated to visit Eastern Samar on Friday, as a highlight of his Philippine trip, which aims to rally support for the campaign to combat climate change. PND