To boost private-sector involvement in green transition efforts in the Philippines, the International Finance Corporation (IFC), a World Bank Group member, is collaborating with the European Union (EU) through the Green Economy Programme for the Philippines (GEPP), part of the EU’s Global Gateway initiative.
Launched by the EU, GEPP aims to improve waste management, advance the shift to a sustainable, circular economy, speed up the deployment of renewable energy, and promote technologies for enhanced energy efficiency. Through GEPP, the EU and IFC are working together to attract private capital and investment from IFC and European development finance institutions to tackle the country’s climate challenges.
Luc Véron, EU Ambassador to the Philippines said, “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.”
The programme will run until 2028 with a budget of PHP 308 million ($5.3 million), focusing on improving plastics recycling and waste management, catalysing decarbonisation investments in challenging sectors, enhancing supply chain sustainability, 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.