Manila, the Philippines, September 30, 2014
—IFC, a member of the World Bank Group, and its partner banks have provided 19 billion Philippine pesos (about $463 million) worth of financing to more than 130 sustainable-energy projects, thereby helping cut a million metric tons of greenhouse-gas emissions annually to mitigate climate change in the Philippines. The figures were announced during the annual Energy Smart Forum held today in Manila.
At the forum, IFC Philippines’ Sustainability and Climate Business Group, together with the Bank of the Philippine Islands and Banco de Oro, also presented Sustainable Energy Finance Awards to recognize companies that proved the business case of energy-efficiency and renewable-energy investments and the benefit of engaging with an IFC partner bank. The reduction in greenhouse-gas emissions from these energy projects is equivalent to removing 226,000 cars from the country’s roads in a year.
“With the Energy Smart Forum and the Sustainable Energy Finance Awards, we want to show that everyone has a role to play in raising public awareness and promoting the proper use of energy, and in encouraging investments in energy efficiency, renewable energy, and clean technologies and processes,” said Martial Beck, Executive Vice President of the European Chamber of Commerce of the Philippines, which hosted the forum.
Glacier Refrigerated Services Inc., Jeco Development Corp., and Manuela Corp. – Starmall Alabang were the winners in the energy-efficiency category, while San Carlos Energy Inc., Venvi Development Corp., San Jose City iPower, and Sunwest Water and Electric Co. won in the renewable-energy category. The awardees were selected based on the actual implementation of projects that have reduced energy consumption or contributed to energy generation, innovation and commitment to sustainability, and the potential for replication and success-story dissemination.
IFC’s Sustainable Energy Finance program – supported by the Global Environment Facility and the Clean Technology Fund – aims to increase private sector investments that would help satisfy the Philippines’ estimated demand of 9,011 megawatts of power next year, which is 3.4 percent higher than the 8,717 megawatts expected to be consumed this year. The government is considering emergency powers to prevent an energy supply shortage of at least 300 megawatts.
“The rapid growth of the Philippine economy has highlighted the need for adequate energy supply and efficiency in energy use,” said IFC Philippines Resident Representative Jesse Ang. “This issue will take on added urgency when the economic integration of the Association of Southeast Asian Nations begins next year. It is imperative for the Philippines to improve its supply of reliable and affordable power to help Philippine companies brace for tougher competition as a result of the integration.”
IFC, a member of the World Bank Group, is the largest global development institution focused exclusively on the private sector. Working with private enterprises in about 100 countries, we use our capital, expertise, and influence to help eliminate extreme poverty and boost shared prosperity. In FY14, we provided more than $22 billion in financing to improve lives in developing countries and tackle the most urgent challenges of development. For more information, visit