MANILA, Philippines - The International Finance Corp. (IFC), partner of the Bank of the Philippine Islands (BPI) for its Sustainable Energy Finance Program, has been recognized by the United Nations Framework Convention on Climate Change (UNFCCC) last Nov. 21 at Warsaw, Poland for its SEF program in the Philippines.
BPI’s contribution to the program has reached a loan portfolio of almost P11 billion, helping the private sector finance more than 100 energy efficiency and renewable projects.
UNFCCC, which launched the Kyoto Protocol with 192 countries in 1995 to strengthen the global response against climate change, has selected 17 inspiring projects as 2013 Lighthouse Activities under the Momentum for Change initiative.
The Philippines and five other countries were recognized for their successful financial innovations to support investments in climate change adaptation and mitigation.
The 17 activities were showcased at special events during the UN Framework on Climate Change Convention (UNFCCC) Conference on Parties – 19 (COP-19).
BPI’s Ma. Nanette A. Biason, Head of the Special Lending Unit and Sustainable Energy Finance and BDO’s Edward G. Wenceslao were part of the IFC team led by Noel N. Verdote, SEF Operations Officer and Marianna Alfa Fernando-Pacua, operations analyst who received the award and have taken part in the special events in Warsaw, Poland.
“The 2013 Lighthouse Activities are true beacons of hope, demonstrating what happens when innovation and passion come together to address the biggest challenge of our time,†UNFCCC Executive Secretary Christiana Figueres said.
“There are thousands of examples of people taking action to address climate change all over the world. The Lighthouse Activities highlight some of the most practical, scalable and replicable examples of what people, businesses, governments and industries are doing to tackle climate change, which I hope will inspire others to do the same,†she added.
Launched in 2008, Philippines SEF has helped client banks identify and develop energy efficiency and renewable energy projects that BPI subsequently financed.
BPI’s pioneering partnership with IFC also led other banks like BDO Unibank Inc., China Banking Corp., and BPI Globe BanKO to do sustainable energy financing.
In 2010, BPI’s SEF Program also won in the G-20 SME Finance Challenge Award, providing the bank a $1.2-million grant funding to scale up its SEF and help provide SME’s with greater access to financing sustainable energy projects.
The international awards also gave recognition to 16 other projects for their climate change programs that improved the lives of the urban poor, and programs that recognized the leadership and participation of women in climate change. By providing greater visibility to climate change projects already taking place on the ground, Momentum for Change aspires to inform, inspire and empower stakeholders, including governments, the business sector and civil society, to increase the level of action on climate change.