Connect with us

Hi, what are you looking for?

News

PHL signs on to OECD clean-energy financing program

THE Department of Energy (DoE) said on Monday that it has agreed to sign on to a program organized by the Organisation for Economic Co-operation and Development (OECD) to attract clean-energy investment.

The OECD program, known as the Clean Energy Finance and Investment Mobilisation (CEFIM) Program, will help the Philippines “address the green financing challenge, as well as jumpstart the energy transition goals of the Philippine Energy Plan (PEP),” the DoE said in a statement after Energy Secretary Alfonso G. Cusi expressed his support for the initiative.

The CEFIM program is funded by the government of Denmark and helps partner countries in Asia and Latin America draft policies to attract funding for clean-energy projects.

“The program will provide an opportunity for the Philippines to highlight efforts and challenges in promoting renewables and energy efficiency deployment,” the DoE said.

Under CEFIM, the Philippines is expected to develop a Clean Energy Finance and Investment Roadmap that will advance the Philippine Energy Plan (PEP) by providing the government and private sector a clear action plan for financing and investing in clean energy sector.

The DoE, the Bangko Sentral ng Pilipinas, and the Securities and Exchange Commission will also develop a Clean Energy Finance and Investment database to track funding for energy-related assets, and a finance training program to improve banks’ confidence in financing such projects.

The program will also enable the Philippines to share knowledge with Indonesia, Vietnam, Thailand and other neighbors that are already part of the program.

“As the country moves towards a climate-safe future, initiatives encouraging ‘green’ investments and financing, such as the CEFIM Program, will now be a critical component of the PEP, as well as the government’s post-pandemic programs,” the DoE added.

CEFIM is the energy component of another OECD program on Sustainable Infrastructure for the Paris Agreement, a German-funded initiative which boosts investment in sustainable infrastructure.

In April, the Philippines committed to reduce its carbon emissions by 75% by 2030. — Marielle C. Lucenio

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!

Latest

News

BW FILE PHOTO LOCAL equities are expected to decline in December as investors are seen to pocket their gains from the market’s recent rally...

Editor’s Pick

Two new surveys have recorded sharp falls in business confidence as the uncertain economic outlook causes companies to become more pessimistic. The latest Lloyds...

Editor’s Pick

A small number of London-based derivatives traders at Goldman Sachs are to move to Milan in a further sign of the steady trickle of...

Editor’s Pick

EasyJet is to increase fares by more than 20 per cent and even higher at peak Christmas holiday times as the airline attempts to...

Editor’s Pick

The struggling discount chain Wilko has warned it could run out of money if it is unable to secure additional financing by the end...

Editor’s Pick

HSBC has announced that it will close 114 branches across the UK from next April as it blames the pandemic for a decline in...

You May Also Like

News

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...

News

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...

News

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...

News

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 Investment.com, 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.