The Department of Finance (DOF), the United Nations Development Programme (UNDP) with support from the Government of Canada, recently launched the Accelerating Green and Climate Finance in the Philippines: Nature-based Solutions (AGCF-NbS) initiative to help enterprises scale up sustainable, inclusive business operations.

In a statement on Thursday, the DOF said NatureNest, launched on May 5, is a six-month program under the AGCF initiative, co-implemented by Villgro Philippines.

With an approved AGCF funding of USD4.5 million, the project will support the establishment of a climate finance lab; climate data platforms for research in Nature-Based Solutions finance; the design and incorporation of gender-responsive and green and climate-related policies in lending programs; and the establishment of a system to report Sustainable Development Goals impacts of green and climate investments made by the private sector and financing institutions.

“The NatureNest allows us to tap into the potential of NbS as cost-effective and sustainable means to build climate-resilient communities and incentivize private sector investment,” the DOF said.

The program aims to identify and support 10 high-potential nature-based enterprises in the country that deliver direct, measurable environmental benefits while driving sustainable and inclusive economic growth.

These enterprises will be supported through capacity-building, targeted coaching, and specialized technical assistance to help them scale rapidly.

Private sector capital will also be harnessed to scale the impact of Nature-based Enterprises by connecting mission-aligned investors and unlocking funding opportunities for growth.

“NatureNest is a vehicle of transformation, serving as an avenue to enhance the capacity of enterprises in developing and implementing NbS projects allowing participants to transform innovative ideas into scalable projects that will create jobs, restore and protect ecosystems, and shield vulnerable communities from the risks of climate change,” the DOF Climate Finance Policy Group said.

The department said the program is included in its list of pioneer projects for the implementation of the Interagency Task Force on Sustainable Finance’s dedicated facility for capacity building, policy support, and market development — the ITSF Center of Excellence. (PNA)