The Sustainable Energy Finance program of the International Finance Corp. (IFC) in the Philippines was among the 17 inspiring projects worldwide that will receive an award from the United Nations Climate Change Secretariat.
The IFC Philippines’ Sustainable Energy Finance program was among the projects selected by the 2013 Lighthouse Activities under the Momentum for Change initiative of the United Nations. The 2013 Lighthouse Activities is composed of a 16-member international advisory panel.
“The 2013 Lighthouse Activities are true beacons of hope, demonstrating what happens when innovation and passion come together to address the biggest challenge of our time,” said Christiana Figueres, executive secretary of the United Nations Framework Convention on Climate Change.
“There are thousands of examples of people taking action to address climate change all over the world. The Lighthouse Activities highlight some of the most practical, scalable and replicable examples of what people, businesses, governments and industries are doing to tackle climate change, which I hope will inspire others to do the same,” Figueres added.
IFC Philippines’ Sustainable Energy Finance program was described as “an innovative solution that supports private banks through capacity-building, technical evaluation and product development to help them finance energy-efficiency and renewable-energy projects.”
It helped commercial banks view climate-friendly projects as environmentally important while equally boosting the business and increasing shareholder value.
Through its partner banks, the IFC said that its Sustainable Energy Finance program in the country has generated more than P16-billion worth of clean-energy investments since 2008, and has cut carbon emissions by one million metric tons a year.
“Through our bank partners, the Sustainable Energy Finance program has been providing financing support and IFC’s global knowledge to investments that would help businesses bring down their electricity costs and improve their competitiveness,” said Jesse Ang, IFC Philippines resident representative.
Ang added that the program promotes efficient use of energy and renewable-energy sources to help reduce carbon emissions.
The program has helped client banks identify and develop nearly 300 energy projects in their pipeline, 87 of which were financed by the banks. These loans saved nearly 100,000 megawatt hours of electricity per year and generated renewable energy of 843,613 megawatt hours per year.
The program was supported by the Global Environment Facility and the Clean Technology Fund, and implemented in partnership with Bank of the Philippine Islands (BPI), Banco De Oro Unibank Inc., China Banking Corp. and BPI Globe BanKO Inc.