The government will launch a roadmap on the use of low carbon energy to support global efforts to fight climate change, the Department of Finance (DoF) said on Monday.
In a statement, the Finance department said the Inter-Agency Technical Working Group for Sustainable Finance (Green Force) led by the Department of Finance (DoF) and the Bangko Sentral ng Pilipinas (BSP), in partnership with the British Embassy Manila (BEM), will launch on Wednesday the Philippine Sustainable Finance Roadmap and Guiding Principles.
This event will present the Philippine Sustainable Finance Roadmap and Guiding Principles (GP) on policy and regulatory gaps in promoting sustainable investments through finance, implementing sustainable government initiatives, facilitating investments in public infrastructure, and developing projects that promote sustainable financing in the Philippines.
The master plan will also give an overview of the Sustainable Finance landscape in the Philippines.
According to the DoF, the blueprint was developed under the auspices of the United Kingdom government's Association of Southeast Asian Nations (Asean) Low Carbon Energy Programme (ALCEP), which is a regional technical assistance project designed to help Asean member-countries harness the benefits from using low carbon energy by leveraging UK's extensive expertise on green finance and energy efficiency.
Under the roadmap, the development of sustainable financing on green policies and programs is built on three strategic pillars, namely: Policy—creating a conducive environment; financing—mainstreaming sustainable finance; and investment—developing a sustainable pipeline.
There is also a set of guiding principles that will serve as taxonomy for the sustainable finance ecosystem in the Philippines.
The principles have been aligned with Asean standards for green bonds, the EU Taxonomy, and other internationally accepted standards for green taxonomy.
"The roadmap and its guiding principles are expected to spur investments from various financing sources to support the country's Nationally Determined Contribution and long-term priorities," said the DoF.
Expected to speak during the event are Ernst & Young (EY) Senior Manager Russell Marsh, chairperson-designate of the Climate Change Commission (CCC) and Finance Secretary Carlos Dominguez 3rd, British Ambassador-designate Laure Beaufils and BSP Governor Benjamin Diokno.