Philippine “green financing” program extended

Renewable energy projects demand huge investments and a pioneering Philippine program supporting RE will continue.

Bank of the Philippine Islands (BPI) and the International Finance Corporation (IFC), a member of the World Bank Group, have renewed their Sustainable Energy Finance (SEF) program begun in 2008.

SEF is an IFC initiative designed to help reduce greenhouse gas emissions and sustain the environment. It focuses on projects involving renewable energy, energy efficiency and cleaner production technologies.

The renewed partnership will expand BPI’s Sustainable Energy Finance program into green mortgages, energy performance contracting and clean development mechanism (CDM) projects.

The Philippines’ SEF program has financed projects responsible for saving some 142,100 megawatts (MW) of energy; produced 208,200 MW of clean energy and reduced 716,700 tons of carbon dioxide emissions.

BPI is the Philippines’ the most profitable bank. It is also the third largest bank in terms of assets and the largest bank in terms of market capitalization. It is owned by the Ayala Corporation, the Philippines’ largest conglomerate.

IFC promotes sustainable private sector investment in developing countries.