MANILA, Philippines - The International Finance Corp. said yesterday it has extended P19 billion for 130 sustainable energy projects in the Philippines.
In a statement, the World Bank Group member said the projects that will be funded are expected to decrease annual greenhouse gas emissions by a million metric tons, thereby helping mitigate climate change in the country.
“The rapid growth of the Philippine economy has highlighted the need for adequate energy supply and efficiency in energy use,” IFC Philippines resident representative Jesse Ang said.
“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,” Ang said.
IFC has a Sustainable Energy Finance program in the Philippines aimed at attracting more investments to help the country meet its demand of 9,011 megawatts of power next year. The figure is above the 8,717 megawatts forecast to be consumed this year.
At the same time, the IFC Philippines’ Sustainability and Climate Business Group, together with the Bank of the Philippine Islands and BDO launched a Sustainble Energy Finance Awards to recognize firms that promote energy efficiency projects and renewable energy investments.
IFC said the decrease in greenhouse gas emissions attained from these energy projects is equivalent to the removal of 226,000 cars from the roads every 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,” Martial Beck, executive vice president of the European Chamber of Commerce of the Philippines, said in the statement.