MANILA — To promote private-sector participation in initiatives that accelerate a green transition in the Philippines, the International Finance Corporation 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 the European 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.”
