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Add to Preferred SourcesIFC, a member of the World Bank Group, has committed $150 million in a green bond issued by China Banking Corporation (“China Bank”), the first privately-owned commercial bank in the Philippines. The bond is the second green bond issued by a local commercial bank, opening up more financing for projects that combat climate change.
“IFC is proud to play a role in creating a new green bond market in the Philippines, a country challenged by climate change impacts but where green financing is low,” said IFC’s CEO Philippe Le Houérou. “Our investment in this bond will increase access to new financing for climate-smart projects. IFC is keen to provide investment and advisory support to develop innovative green financing products with private sector players who are committed to contribute to achieving sustainable economic growth in the Philippines.”
The Philippine government has put in place key national policies to fight climate change. The green bond will see the bank scale up its investments in environmentally-friendly projects, supporting the government’s target of 70 percent reduction in greenhouse gas emissions by 2030.
The proceeds will finance climate-related projects in renewable energy, green buildings, energy efficiency and water conservation, in accordance with the Green Bond Principles.
Original source: IFC
Published on 19 October 2018