Washington, D.C., November 20, 2013
—IFC, a member of the World Bank Group, received an award from the United Nations Climate Change Secretariat for its Sustainable Energy Finance program in the Philippines, which has generated, through its 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.
About IFC
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 more than 100 countries, we use our capital, expertise, and influence to help eliminate extreme poverty and promote shared prosperity. In FY13, our investments climbed to an all-time high of nearly $25 billion, leveraging the power of the private sector to create jobs and tackle the world’s most pressing development challenges. For more information, visit
www.ifc.org
.
About the Global Environment Facility
The Global Environment Facility (GEF) unites 183 countries in partnership with international institutions, civil society organizations, and the private sector to address global environmental issues while supporting national sustainable development initiatives. An independently operating financial organization, the GEF provides grants for projects related to biodiversity, climate change, international waters, land degradation, the ozone layer, and persistent organic pollutants.
About the Clean Technology Fund
One of the Climate Investment Funds, the $5.2 billion Clean Technology Fund (CTF) provides middle- income countries with resources to scale up the demonstration, deployment, and transfer of low-carbon, clean technologies with a high potential for long-term greenhouse-gas-emissions savings. Channeled through the multilateral development banks, CTF financing focuses on renewable energy, sustainable transport, and energy efficiency.
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