THE International Finance Corp. (IFC) said it is working with the European Union (EU) to aid the Philippines鈥 鈥済reen鈥 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鈥檚 new Global Gateway Initiative.
It will focus on adopting plastics recycling and waste management, decarbonization-related investments, 鈥済reening鈥 supply chains, and accelerating the country鈥檚 energy transition.
The government is aiming to increase the share of renewable energy in the country鈥檚 power mix to 35% by 2030 and 50% by 2040.
鈥淭he 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,鈥 EU Ambassador to the Philippines Luc V茅ron was quoted as saying in the statement.
鈥淥ur engagement in the country鈥檚 green transformation underscores our dedication to global climate action and sustainable development, which is aligned with the European Green Deal.鈥
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.
鈥淚FC is deeply committed to supporting the Philippines鈥 private sector in its ambitions to transition to a low-carbon future,鈥 IFC Country Manager for the Philippines Jean-Marc Arbogast said. 鈥淥ur partnership with the EU is a testament to our collective commitment to fostering resilient, green, and inclusive growth that benefits all Filipinos.鈥 鈥 Beatriz Marie D. Cruz
