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Delegation of the European Union to Israel
Delegation of the European Union to Israel
07/29/2024 | Press release | Distributed by Public on 07/28/2024 20:02
IFC Partners with EU to Support Green Transition in the Philippines
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IFC Partners with EU to Support Green Transition in the Philippines
Manila, Philippines, July 29, 2024-To promote private-sector participation in initiatives that accelerate a green transition in the Philippines, IFC is partnering with the European Union (EU) under the Green Economy Programme for the Philippines (GEPP), part of the EU's new Global Gateway initiative.
Launched in March 2024 by the Department of Environment and Natural Resources and the EU, the GEPP was established to enhance waste management, support the transition to a sustainable, circular economy, accelerate the deployment of renewable energy, and promote technologies that can improve energy efficiency in the country.
Under the GEPP, the EU and IFC are partnering to mobilize private capital and investment from IFC and European development finance institutions to help address the country's climate challenges.
"The private sector plays a pivotal role in the collective journey towards a sustainable and prosperous future, and the EU is pleased to partner with IFC to promote green growth in the Philippines," said Luc Véron, EU Ambassador to the Philippines. "Our engagement in the country's green transformation underscores our dedication to global climate action and sustainable development, which is aligned with theEuropean Green Deal".
Designed to run until 2028 with a budget of around Php 308 million (EUR 5.2 million), IFC's participation in the program will focus on improving the enabling environment for plastics recycling and waste management, catalyzing decarbonization-related investments in hard-to-abate sectors, contributing to greening supply chains, and accelerating the energy transition.
"IFC is deeply committed to supporting the Philippines' private sector in its ambitions to transition to a low-carbon future," said Jean-Marc Arbogast, IFC's Country Manager for the Philippines. "Our partnership with the EU is a testament to our collective commitment to fostering resilient, green, and inclusive growth that benefits all Filipinos."
About IFC
IFC - a member of the World Bank Group - is the largest global development institution focused on the private sector in emerging markets. We work in more than 100 countries, using our capital, expertise, and influence to create markets and opportunities in developing countries. In fiscal year 2023, IFC committed a record $43.7 billion to private companies and financial institutions in developing countries, leveraging the power of the private sector to end extreme poverty and boost shared prosperity as economies grapple with the impacts of global compounding crises. For more information, visit www.ifc.org
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About the GEPP
Funded by a EUR 60 million (P3.67 billion) grant from the European Union, the Green Economy Programme of the Philippines (GEPP) will run from 2023-2028in collaboration with the national government, local government units (LGUs), and the private sector.
The Programme links European and Filipino partners to foster a circular economy and the reduction of plastic waste. It also aims to improve energy efficiency, promote renewable energy use and climate change mitigation and adaptation, and to overall generate sustainable and inclusive growth through investments and jobs creation. GEPP is implemented by UNDP Philippines, Germany's development agency (GIZ), Expertise France (EF) with Global Green Growth Institute (GGGI) and the International Finance Corporation (IFC) - a member of the World Bank Group.
About the Global Gateway Initiative
The EU's new Global Gateway initiative aims to engage with partners globally around shared priorities such as the transition to a green economy, renewable energy and green hydrogen, education and research, or digital infrastructure.
EU Delegation to the Philippines' Website and Social Media Accounts
FB: https://www.facebook.com/EUDelegationToThePhilippines/
IG: https://www.instagram.com/euinthephilippines/
Twitter: https://x.com/EUinthePH