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IFC Philippines’ Sustainable Energy Finance Program Wins UN Award for Climate-Change Innovations
IFC Philippines’ Sustainable Energy Finance Team was the recipient of the Momentum for Change Award by the United Nations Climate Change Secretariat earlier this month for its program in the Philippines that has generated, through partner banks, more than 16 billion Philippine pesos worth of clean-energy investments since 2008 and has cut carbon emissions by 1 million metric tons a year.
A 16-member, international advisory panel selected 17 inspiring projects as 2013 Lighthouse Activities under the Momentum for Change initiative of the United Nations. 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.
“Private sector has an important role to play and can significantly contribute to sustainable development, ensuring that economic growth achieved today will benefit future generations,” said Peer Stein, Director of Access to Finance Advisory Services at IFC. “This is why at IFC we work with banks and financial intermediaries to help maximize their catalytic role by filling in the financing and knowledge gaps in critical areas such as renewable energy, efficient technologies and emissions reductions. We are proud and honored that our work with partner banks in this area in the Philippines has received such a high international recognition.”
IFC Philippines’ Sustainable Energy Finance 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, supported by the Global Environment Facility and the Clean Technology Fund, is implemented in partnership with Bank of the Philippine Islands, BDO Unibank Inc., China Banking Corp., and BPI Globe BanKO Inc.
“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. “The program promotes efficient use of energy and renewable-energy sources to help reduce carbon emissions.”
The Lighthouse Activities will be showcased at special events during the UN Climate Change Conference in Warsaw, Poland between November 11 and 22, and will be recognized in formal ceremonies on November 20, 2013. The UN’s Momentum for Change initiative is funded by the Bill & Melinda Gates Foundation and the Rockefeller Foundation, and operates in partnership with the World Economic Forum.