International Finance Corp (IFC), a member of the World Bank Group, signed a Memorandum of Understanding with Mandaluyong City in metropolitan Manila to develop building regulations that will help reduce greenhouse-gas emissions and mitigate the impact of climate change.
During a public ceremony held at the Mandaluyong City Hall, Mayor Benhur Abalos affirmed the city’s commitment to work with IFC toward drafting a green building ordinance that will require new buildings in the city to include environmentally friendly features in their design, construction, and operation.
These features will promote more efficient use of energy, water, and construction materials, and better waste management.
“With rising power rates and increased frequency of destructive typhoons coming our way, Mandaluyong is called upon to take the lead in green building initiatives,” Abalos said.
“This project will eventually help all of us in adapting to the impact of climate change as well as in reducing the city’s operational costs. We are encouraged that IFC is providing its expertise, global network, and assistance to this program.”
IFC will help build local capacity and promote public awareness for local regulators, developers, and other stakeholders. The city’s own buildings and offices will adopt green features to demonstrate the financial viability of environment-friendly construction.
Global carbon emissions are estimated to increase by 50 per cent between the year 2000 to 2030, according to the United Nations Intergovernmental Panel on Climate Change.
A Department of Energy study said Philippine commercial and residential buildings consumed more than 35 million megawatt hours of electricity in 2010, accounting for about 50 percent of the country’s total electricity supplied from the grid.
“Mandaluyong’s leadership in green building regulations takes to the next level its partnership with IFC in policy reform, building on the success of their collaboration in the regulatory simplification of business licensing and registration. This green building initiative will help attract environmentally responsible businesses to the city and make it a healthier and safer place to live and work in,” said Jesse Ang, IFC’s Resident Representative in the Philippines.
The Philippines ranks third in the list of countries most vulnerable to climate change, based on a study of the UN University’s Institute for Environment and Human Security.
In a related finding, the World Bank says losses from natural disasters account for more than 0.5 percent of the Philippines’ gross domestic product annually, and climate change is expected to increase these losses further.
IFC is the largest global development institution focused exclusively on the private sector. IFC help developing countries achieve sustainable growth by financing investment, providing advisory services to businesses and governments, and mobilizing capital in the international financial markets.
Last year, amid economic uncertainty across the globe, IFC drove its investments to an all-time high of nearly $ 19 billion.
