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
“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
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.
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.