The International Finance Corporation (IFC) and the European Union (EU) have joined forces to boost the private sector involvement in the Philippines’ green transition efforts.
In a report by Philippine Star, IFC announced its collaboration with the EU through the Green Economy Program for the Philippines (GEPP). This partnership is to attract private capital and investments from IFC and European development finance institutions to tackle the climate issues in the country.
Launched in March by the Department of Environment and Natural Resources (DENR) and the EU, the GEPP is aimed at improving waste management, advancing the shift to a sustainable circular economy, fast tracking the deployment of renewable energy (RE), and encouraging the utilization of energy efficiency technologies in the Philippines.
The GEPP is part of the EU’s Global Gateway initiative, which seeks to strengthen digital, energy, and transport links through smart, clean, and secure methods.
With a budget of approximately Php 308 million and a lead time until 2028, IFC’s role will include enhancing plastics recycling and waste management systems.
Additionally, the program would support investments aimed at reducing carbon emissions in challenging sectors.
EU Ambassador Luc Véron explained that it is crucial for the private sector to involve itself in achieving a sustainable future, expressing a positive outlook in the partnership with IFC to foster sustainable development in the Philippines.
Meanwhile, IFC country manager for the Philippines Jean-Marc Arbogast shared the sentiment, reaffirming their dedication to supporting the private sector’s transition to low-carbon practices.
