IFC, EU join forces to boost Philippines’ green transition

The International Finance Corporation (IFC) and the European Union (EU) are teaming up to accelerate the Philippines’ green transition by encouraging private sector participation.

The partnership is part of the Green Economy Programme for the Philippines (GEPP), a component of the EU’s Global Gateway initiative.

Launched in March 2024, the GEPP aims to improve waste management, promote a circular economy, expand renewable energy sources, and enhance energy efficiency in the Philippines.

With a budget of approximately Php 308 million (5.2 million euro), the programme will run until 2028.

Under the partnership, the EU and IFC are collaborating to attract private capital and investment from IFC and European development finance institutions to tackle the country’s climate challenges.

The focus will be on enhancing plastics recycling and waste management, investing in low-carbon sectors, greening supply chains, and promoting the energy transition.

“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.

Attribution: International Finance Corporation statement