IFC and EU partner to advance green economy and renewable energy in the Philippines
The International Finance Corporation (IFC) announced that it is partnering with the European Union (EU) under the Green Economy Programme for the Philippines (GEPP), which is part of the EU’s Global Gateway initiative.
The partnership intends to drive private-sector participation in initiatives that advance a green transition in the Philippines.
GEPP, launched earlier this year, was established to improve waste management, aid the transition to a sustainable, circular economy, ramp up the deployment of renewable energy, and promote technologies that enhance energy efficiency in the Philippines.
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The EU and IFC are partnering under the GEPP to mobilize private capital and investment from IFC and European development finance institutions.
The capital will be used to help address the country’s climate challenges.
“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,” said Luc Véron, EU Ambassador to the Philippines.
He added, “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”.
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The program is scheduled to continue until 2028 and has a budget of approximately Php 308 million (EUR 5.2 million).
IFC’s involvement in the initiative will concentrate on enhancing the conditions that support plastic recycling and waste management, stimulating investments in hard-to-decarbonize industries, promoting environmentally friendly supply chains, and expediting the shift towards renewable energy.
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