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Tag: climate finance

What We Want from COP26: The Philippines

Although it only accounts for about 0.3% of global emissions, the Philippines is extremely vulnerable to the impacts of climate change and disasters due to its geographic location.
In line with this, we talked to our counterparts in The Climate Reality Project in the US to lay out what’s at stake for the country in the ongoing #COP26 in Glasgow.

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Rapid PHL energy transition best for faster economic recovery – private sector

Corporate directors stress the urgency to fast track the energy transition in the country, heeding the Code Red warning issued by the United Nations Framework Convention on Climate Change (UNFCCC) earlier this year.

“Evidence clearly shows even before the pandemic that coal has been intermittent and unreliable. As households and the private sector struggle with the economic impacts of COVID-19, data also shows coal is the reason behind spiking electricity bills and rotating blackouts. Continuing with coal is Code Red for businesses,” said Jephraim Manansala, chief data scientist of the Institute for Climate and Sustainable Cities (ICSC), in the first part of the Pilipinas: Aspire, Rise, Sustain corporate governance series organized by the Institute of Corporate Directors (ICD) with ICSC and The Climate Reality Project Philippines.

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BDO, BPI, DOE call to bridge clean energy financing gap

Banco de Oro (BDO) Capital and Investment Corporation and the Bank of the Philippine Islands (BPI) today called for the shift of financial flows towards the 1.5 degrees Celsius global warming threshold of the Paris Agreement in order to address climate and energy transition risks and increase resilience. They also stressed the critical need to address challenges in financing renewable energy projects, as raised by Department of Energy Undersecretary Felix William Fuentebella.

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