THE International Finance Corp. (IFC) said it is working with the European Union (EU) to aid the Philippines’ “green” transition.
In a statement, the IFC said it allocated P308 million to participate in the Green Economy Programme for the Philippines (GEPP) until 2028, part of the EU’s new Global Gateway Initiative.
It will focus on adopting plastics recycling and waste management, decarbonization-related investments, “greening” supply chains, and accelerating the country’s energy transition.
The government is aiming to increase the share of renewable energy in the country’s power mix to 35% by 2030 and 50% by 2040.
“The private sector plays a pivotal role in the collective journey towards a sustainable and prosperous future, and the EU is pleased to partner with IFC to promote green growth in the Philippines,” EU Ambassador to the Philippines Luc Véron was quoted as saying in the statement.
“Our engagement in the country’s green transformation underscores our dedication to global climate action and sustainable development, which is aligned with the European Green Deal.”
The GEPP was launched in March by the EU and the Department of Environment and Natural Resources to improve waste management, promote a circular economy transition, bolster the use of renewables in the energy mix, and promote technology to improve energy efficiency.
“IFC is deeply committed to supporting the Philippines’ private sector in its ambitions to transition to a low-carbon future,” IFC Country Manager for the Philippines Jean-Marc Arbogast said. “Our partnership with the EU is a testament to our collective commitment to fostering resilient, green, and inclusive growth that benefits all Filipinos.” — Beatriz Marie D. Cruz
