Sustainable Energy Finance for Philippines

THE International Finance Corp. (IFC), is going to help finance sustainable energy projects and reduce greenhouse gas emissions in the Philippines.

IFC, a member of the World Bank Group, and its partner banks have provided 19 billion Philippine pesos (about $463 million) worth of financing to more than 130 sustainable-energy projects, thereby helping cut a million metric tons of greenhouse-gas emissions annually to mitigate climate change in the Philippines. The figures were announced during the annual Energy Smart Forum held yesterday in Manila.

At the forum, IFC Philippines’ Sustainability and Climate Business Group, together with the Bank of the Philippine Islands and Banco de Oro, also presented Sustainable Energy Finance Awards to recognize companies that proved the business case of energy-efficiency and renewable-energy investments and the benefit of engaging with an IFC partner bank. The reduction in greenhouse-gas emissions from these energy projects is equivalent to removing 226,000 cars from the country’s roads in a year.

“With the Energy Smart Forum and the Sustainable Energy Finance Awards, we want to show that everyone has a role to play in raising public awareness and promoting the proper use of energy, and in encouraging investments in energy efficiency, renewable energy, and clean technologies and processes,” said Martial Beck, Executive Vice President of the European Chamber of Commerce of the Philippines, which hosted the forum.

IFC’s Sustainable Energy Finance program – supported by the Global Environment Facility and the Clean Technology Fund – aims to increase private sector investments that would help satisfy the Philippines’ estimated demand of 9,011 megawatts of power next year, which is 3.4 percent higher than the 8,717 megawatts expected to be consumed this year. The government is considering emergency powers to prevent an energy supply shortage of at least 300 megawatts.

“The rapid growth of the Philippine economy has highlighted the need for adequate energy supply and efficiency in energy use,” said IFC Philippines Resident Representative Jesse Ang. “This issue will take on added urgency when the economic integration of the Association of Southeast Asian Nations begins next year. It is imperative for the Philippines to improve its supply of reliable and affordable power to help Philippine companies brace for tougher competition as a result of the integration.”

Source: IFC. Picture: Manila by Mike Gonzalez (TheCoffee) reproduced under CCL.

Wednesday 1st October 2014

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