The race is on for the Philippines to achieve its pledge to reduce greenhouse gases emissions by 75 per cent by 2030.
Most of the country’s target is conditional, to be met through funding and assistance from the international community.
With a lack of a science-based net zero target, and with plans to expand its coal and gas fleet, how can the fossil fuel-dependent country attain its low-carbon ambitions?
The government kickstarted the Green Energy Auction Programme with a view to renewables accounting for 35 per cent of the country’s energy mix by 2030.
The country’s first ever carbon pricing measure is being developed to incentivise industries to decarbonise. Policies focused on nature are gaining ground with measures to boost investment for reforestation and mangrove preservation being proposed in an upcoming legal bill. There is also now a strong push for blue carbon projects.
How can the Philippines unlock more funding to support the new era of nature and energy? What frameworks are needed to make transition finance an effective tool for hard-to-abate sectors?
Unlocking Capital for Sustainability Philippines 2024 will convene leaders and decision-makers across the government, financial institutions and civic society to explore how to enable an equitable transition.
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