PH looks to tap new $10-B global fund to aid shift to green energy

November 13, 2021

According to the Department of Finance (DOF), the Philippines and a new $10 billion global fund are exploring a cooperation to fund the country's transition to green and renewable energy sources.

On the sidelines of the 26th United Nations (UN) Climate Change Conference of the Parties (COP26) in Glasgow, Scotland, Secretary Carlos Dominguez III met with Rockefeller Foundation president Rajiv Shah, who was also a pioneer of the private sector-led Global Energy Alliance for People and Planet (GEAPP).

Dominguez led the Philippine delegation to COP26 as chair-designate of the Climate Change Commission (CCC).

GEAPP, meanwhile, earlier pledged at least $10 billion “to help accelerate the implementation of clean energy projects in developing economies highly vulnerable to climate change,” the DOF said.

GEAPP also aimed to “deliver transformational programs that will accelerate and scale up an equitable energy transition in developing and emerging economies, while creating millions of jobs in the process,” the DOF added.

The DOF said Dominguez and Shah “briefly discussed a possible list of projects that the organization can help fund for the Philippines.”

In particular, Dominguez pitched the Philippines’ plan to decommission and repurpose coal-fired power plants in Mindanao.

Read more: https://business.inquirer.net/334346/ph-looks-to-tap-new-10-b-global-fund-to-aid-shift-to-green-energy#ixzz7CCpO71fU

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