Under this agreement, the SEC and IFC will collaborate on capacity-building initiatives for thematic bond issuers, investors, and domestic external reviewers. They will also conduct a stocktaking survey on the Philippine Thematic Capital Market and explore additional areas for collaboration to drive climate-focused financial strategies.
The signing, held on Jan. 21, 2025, was led by SEC Commissioner McJill Bryant T. Fernandez and IFC Regional Manager for East Asia and the Pacific Christina Ongoma.
Addressing climate challenges
During the event, Fernandez emphasized the significance of the partnership in addressing the Philippines' pressing climate challenges.
“The Philippines faces the immense challenge of mitigating climate change while ensuring inclusive and sustainable economic growth. Through this partnership, we aim to channel long-term funding into climate-focused initiatives that prioritize both people and the planet,” he said in a statement.
“We are delighted to formalize this partnership and jointly host technical workshops to enhance the capacity of capital market players regarding climate thematic instruments and opportunities,” the statement quoted IFC’s Ongoma as saying.
30by30 Zero initiative
The 30by30 Zero Philippines Program, developed by the IFC and World Bank with support from Germany’s International Climate Initiative, aims to grow climate-related lending by financial institutions to 30 percent of their total portfolios by 2030, while achieving near-zero coal exposure.
By integrating green finance strategies, the program seeks to reduce greenhouse gas emissions and mitigate climate risks, strengthening financial institutions’ role in advancing climate financing. —Ed: CSN
