NextBillion - An Initiative of the William Davidson Institute at the University of Michigan

By: Ben O. de Vera

Washington-based International Finance Corp. (IFC) of the World Bank Group has introduced financing support for Philippine banks that will lend to climate adaptation and mitigation projects amid a push for “green” recovery from the COVID-19 pandemic to generate trillions of dollars in fresh investments.

“The program, ‘Scaling Up Climate Finance through the Financial Sector,’ is designed to increase climate lending by participating banks in Egypt, Mexico, the Philippines and South Africa to 30 percent of their portfolios by 2030, while reducing exposure to coal,” in line with the Paris Agreement, the IFC said in a statement.