The Securities and Exchange Commission (SEC) and the International Finance Corporation (IFC) have formalized a cooperation agreement to support the 30by30 Zero Philippines Program to accelerate sustainable finance in the country.
Under the agreement, the SEC and the IFC will undertake capacity-building initiatives for thematic bond issuers, investors, and domestic external reviewers.
They will also conduct a stocktaking survey on the Philippine Thematic Capital Market, and explore other potential areas for collaboration.
SEC Commissioner McJill Bryant T.Fernandez highlighted the importance of this partnership in the context of 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,” he said.
Meanwhile, IFC Regional Manager for East Asia and the Pacific Christina Ongoma thanked the SEC for its unwavering 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,” she noted.
Developed jointly by IFC and the World Bank with funding from the German government’s International Climate Initiative, the 30by30 Zero Philippines Program 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.
This initiative 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.