IFC, EU team up to help Philippine speed up green shift

MANILA, Philippines — The International Finance Corp. (IFC) and the European Union (EU) are teaming up to encourage private sector participation in initiatives to accelerate the country’s green transition.

The private sector arm of the World Bank said it is partnering with the EU under the Green Economy Program for the Philippines (GEPP).

Under the GEPP, the EU and IFC will work together to mobilize private capital and investment from IFC and European development finance institutions to help address the country’s climate challenges, IFC said in a statement.

The Department of Environment and Natural Resources and the EU launched the GEPP last March to enhance waste management, support the shift to a sustainable and circular economy, accelerate the deployment of renewable energy as well as promote technologies to improve energy efficiency in the country.

GEPP is part of the EU’s Global Gateway initiative, a new strategy aimed at boosting smart, clean and secure links in digital, energy and transport sectors.

Designed to run until 2028 with a budget of around P308 million (EUR 5.2 million), IFC’s work will focus on improving the environment for plastics recycling and waste management.

It will also help catalyze decarbonization investments in hard-to-abate sectors.

“The private sector plays a pivotal role in the collective journey toward a sustainable and prosperous future and the EU is pleased to partner with IFC to promote green growth in the Philippines,”  EU Ambassador Luc Véron said.

“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,” Veron said further.

Jean-Marc Arbogast, IFC country manager for the Philippines said they are committed to help the private sector in the low-carbon transition.

“Our partnership with the EU is a testament to our collective commitment to fostering resilient, green and inclusive growth that benefits all Filipinos,” Arbogast said.