MANILA, Philippines — The Securities and Exchange Commission (SEC) is joining forces with the International Finance Corp. (IFC) to accelerate sustainable finance in the country.
The SEC said it has formalized a cooperation agreement with the IFC to support the 30by30 Zero Philippines Program, an initiative that aims to grow the climate-related lending of financial institutions to 30 percent of total portfolio on average with near zero coal exposure by 2030.
Under the agreement signed by the SEC and IFC last week, both parties will undertake capacity-building initiatives for thematic bond issuers, investors and domestic external reviewers.
The SEC and IFC will also conduct a stocktaking survey on the Philippine Thematic Capital Market and explore other potential areas for collaboration.
SEC commissioner McJill Bryant Fernandez said that the partnership is important given the Philippines’ urgent climate challenges.
“The Philippines faces the immense challenge of mitigating climate change while ensuring inclusive and sustainable economic growth. Through this partnership, we aim to channel long-term funding into climate-focused initiatives that prioritize both people and the planet,” Fernandez said.
The 30by30 Zero Philippines Program was developed by IFC and the World Bank with funding from the German government’s International Climate Initiative.
The program is expected to strengthen the role of financial institutions as aggregators of climate financing, integrating green finance strategies into investment plans to mitigate climate risks and reduce greenhouse gas emissions.
IFC regional manager for East Asia and the Pacific Christina Ongoma lauded the SEC for its support and collaboration with IFC since 2023.
“We are grateful for our partnership with the SEC and are delighted to formalize our collaboration. Through this, we will continue to jointly host dedicated technical workshops and training sessions to further enhance the awareness and capacity of the capital market players regarding climate thematic instruments and opportunities,” Ongoma said.