THE Inter-Agency Technical Working Group (TWG) for Sustainable Finance led by the Department of Finance and the Bangko Sentral ng Pilipinas (BSP), is set to roll out this week the “Philippine Sustainable Roadmap and Guiding Principles” on the use of low-carbon energy.
The master plan to be presented this Wednesday includes policy and regulatory gaps in promoting sustainable investments through finance, implementing sustainable government initiatives, facilitating investments in public infrastructure and developing projects that promote sustainable financing in the Philippines.
The blueprint is also expected to spur investments in the country coming from various financing sources to support the country’s commitment to reduce greenhouse gas emissions by 75 percent over the next decade as its Nationally Determined Contribution to the Paris Agreement.
Under the roadmap, the development of sustainable financing on green policies and programs is built on three strategic pillars, namely: policy (creating a conducive environment); financing (mainstreaming sustainable finance); and, investment (developing a sustainable pipeline).
There will also be a set of guiding principles that will serve as taxonomy for the sustainable finance ecosystem in the Philippines, the TWG’s statement read. These principles have been aligned with the Association of Southeast Asian Nations (Asean) Standards for Green Bonds, the European Union Taxonomy and other internationally-accepted standards for green taxonomy.
The roadmap was developed under the auspices of the United Kingdom government’s Asean Low Carbon Energy Programme, according to the TWG. The Alcep is a regional technical assistance project designed to help Asean member-countries harness the benefits from using low carbon energy by leveraging UK’s extensive expertise on green finance and energy efficiency.