The Securities and Exchange Commission (SEC) of the Philippines and the International Finance Corporation (IFC) have entered into a cooperation agreement to advance sustainable finance in the country. This partnership supports the 30by30 Zero Philippines Program, an initiative developed by the IFC and the World Bank, with funding from Germany’s International Climate Initiative. The program aims to increase climate-related lending activities among financial institutions, targeting 30% of their total portfolios with near-zero coal exposure by 2030.

The SEC and IFC will conduct capacity-building efforts for thematic bond issuers, investors, and domestic external reviewers as part of the agreement. They also plan to perform a stocktaking survey on the Philippine Thematic Capital Market and explore additional areas for collaboration. The initiative seeks to position financial institutions as key aggregators of climate financing, integrating green finance strategies into investment plans to mitigate climate risks and reduce greenhouse gas emissions.

SEC Commissioner McJill Bryant T. Fernandez emphasized the Philippines’ dual challenge in mitigating climate change while ensuring inclusive and sustainable economic growth. This partnership aims to channel long-term funding into climate-focused initiatives that prioritize both people and the planet. IFC Regional Manager for East Asia and the Pacific, Christina Ongoma, highlighted the commitment to jointly host technical workshops and training sessions to enhance the awareness and capacity of capital market players regarding climate thematic instruments and opportunities