Connect with us

Hi, what are you looking for?


IFC to fund 30% of financial institutions’ climate projects


THE International Finance Corp. (IFC) said it has organized a facility that will put up 30% of the funding for projects supported by financial institutions, as a means of encouraging private investment.

The IFC targets a 30% increase in climate lending by financial institutions as well as near-zero exposure to coal projects by 2030, and thus calls its loan facility “30 by 30.”

The 30 by 30 program ”aims to help financial institutions, especially banks, better incorporate green finance strategies into their investment plans, reduce climate risk, and ultimately cut greenhouse-gas emissions (GHG),” it said in a statement on Thursday.

The program was developed with the World Bank, and will receive financing from the German government-backed International Climate Initiative.

“Achieving (the Philippines’) climate targets requires massive financing, which cannot be met by the public sector alone. Private financing is therefore crucial,” IFC Country Manager for the Philippines Jean-Marc Arbogast was quoted as saying in the statement.

“The financial sector, especially commercial banks, can play a key role in greening the economy by addressing climate-related risks, promoting sustainable development, and decarbonizing industries through financing,” he added.

Initially launched in the Philippines with microfinance organization CARD SME Bank, the program aims to eventually expand to Egypt, South Africa, and Mexico.

The partnership with CARD SME Bank is projected to benefit over 3,000 farmers by improving their capacity to finance climate-smart agricultural solutions starting in October.

The IFC and Berlin-based Renewables Academy will also offer scholarships starting in November.

The IFC has invested in Philippine climate bonds, starting with $150 million put into the first green bond issued in the Philippines, by BDO Unibank, Inc. in 2017.

“This was followed by several first green bonds of issuers that were also supported by IFC in 2018 and 2019. In April 2022, IFC supported BDO’s first blue bond to help tackle marine pollution and preserve clean water resources,” IFC said, adding that it plans to do the same through the 30 by 30 program.

For 2022, the IFC has committed $32.8 billion to private companies and financial institutions in developing countries.

On Sept. 14, the IFC is due to host a Philippine Climate Forum. — Diego Gabriel C. Robles

Your information is secure and your privacy is protected. By opting in you agree to receive emails from us. Remember that you can opt-out any time, we hate spam too!



Buildings are seen along EDSA in Quezon City. — PHILIPPINE STAR/ MIGUEL DE GUZMAN By Diego Gabriel C. Robles  THE WORLD BANK (WB) upgraded...


Heavy traffic is seen on the southbound lane of EDSA in Cubao, Quezon City. — PHILIPPINE STAR/ MIGUEL DE GUZMAN THE PHILIPPINE auto industry’s...


REUTERS THE BANGKO SENTRAL ng Pilipinas (BSP) may deliver a second off-cycle rate hike in early November when the US Federal Reserve is expected...


Vendors arrange their goods at a public market in Manila. — PHILIPPINE STAR/ RUSSEL A. PALMA THE ASIAN Development Bank (ADB) is planning to...

Editor’s Pick

With the reversal of the 1.25% rise in National Insurance Contributions happening on the 6th of November, employers across the nation have an opportunity...


1 of 3 By Sam L. Marcelo, Multimedia Editor BalletPulso Pilipinas II: Alay nina Alice at AgnesSept. 30, 8 p.m.Oct. 1, 3 p.m. and...

You May Also Like


BW FILE PHOTO GROSS BORROWINGS by the National Government reached P2.6 trillion as of end-September as it continued to raise funds to respond to...


KARASOLAR.COM TENA, Ecuador — Ecuador’s rainforest Achuar people say their ancestors long dreamed of a “fire canoe” or “electric fish” that would let them...


REUTERS By Luz Wendy T. Noble, Reporter The country’s foreign exchange buffers slightly increased as of end-October as the value of the central bank’s...


COVID-19 has had a significant impact on the mental health of Filipinos across different groups all over the archipelago. From frontline workers, parents balancing...

Disclaimer: Respect, its managers, its employees, and assigns (collectively "The Company") do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

Copyright © 2022 Respect Investment. All Rights Reserved.