Manila, 28 August: – The Philippines will require new and clear strategies to mobilise private sector investment to meet the multi-billion-dollar cost of its nationally determined contributions (NDCs), said leading decision-makers at the Unlocking capital for sustainability conference in Manila.
The Southeast Asian nation will require a total US$72 billion in investments from 2020 to 2030 to meet its NDC commitments, covering key sectors such as energy, agriculture and transport. Failing to do so could result in annual losses of PHP645 billion (US$8 billion) across these key sectors.
Dr. Noralene Uy, Assistant Secretary for Policy, Planning, International Affairs and Climate Change for the Department of Environment and Natural Resources (DENR), who was guest-of-honour at the conference, said the Philippines will gradually lose eligibility for concessional loans and grants from multilateral institutions as the country seeks to become an upper middle-income economy by 2026 – though it would strengthen its creditworthiness at the same time.
She said 2025 is a “critical year” for the country as it recalibrates its development roadmap to deliver the long-term national goals under the AmBisyon Natin 2040 development plan while addressing escalating climate risks.
“A national adaptation investment strategy will be developed to mobilise the resources needed for adaptation programmes, including from the private sector,” she said in her keynote address at the sustainability summit held in Marco Polo Ortigas Manila.
Rachel Anne Herrera, Commissioner for the Climate Change Commission (CCC), said the commission is working to strengthen emissions reduction pathways and carbon market readiness as part of the Philippines’ updated NDC – targeted for submission by the COP30 climate talks in Brazil in November.
Herrerra stressed the importance of the private sector in bridging funding gaps and scaling government-led initiatives.
“This is where our partnerships with the private sector are instrumental, especially where there are gaps in technology, capital, innovation and creativity. The government’s efforts can be multiplied tenfold with the convening power of industry and financial institutions, and the collective drive of civil society to ensure inclusivity in each step we take,” she said during her keynote address.
This whole-of-society approach will be vital as the Philippines assumes Asean chairmanship next year, prioritising climate change, biodiversity, the blue economy and pollution as key themes for the region.
“With its scaling of renewable energy to accelerate the clean energy transition, coupled with commitments to advance climate resiliency, financial inclusion and digital literacy, the Philippines occupies a unique position to lead the region’s vision for 2026 while delivering on its own long-term national development,” said Jessica Cheam, Founder and CEO for Eco-Business.
“The challenge will be implementing the right national policies and governance frameworks, getting all stakeholders on board – from governments to industry and civic society groups, and blending public and private capital to fund sustainable infrastructure and green projects,” she said.
Themed “Unlocking finance for a new era of inclusive growth”, the Philippines edition of the thought leadership forum, organised by Eco-Business in partnership with United Nations Environmental Programme Finance Initiative (UNEP FI), convened over 130 leading decision-makers across government, finance, industry and academia.
Official photos from the event can be accessed here.
A trailer screening of WASTED – Eco-Business’s latest award-winning impact documentary examining the intersection of resource use, human health and the climate crisis - was played during the summit which also hosted an exclusive training workshop, “Unlocking strategic value through climate disclosures”, the next day on 29 August.
The workshop provided companies and decision-makers the tools to navigate emerging ISSB-aligned sustainability reporting – specifically IFRS S1 and S2 standards on sustainability and climate-related risks and opportunities respectively.
Unlocking capital for sustainability is hosted in six markets across Asia in 2025. It held the Hong Kong edition in March, Jakarta in June and Kuala Lumpur in July, and will travel to Bangkok on 30 September as part of Bangkok Action Climate Week before hosting the closing summit in Singapore on 21 October this year.
For more information on Unlocking capital for sustainability, visit our website and download our insights report from 2024.
– Ends –
ANNEX
Plenaries include:
- Keynote address – The role of finance in sustainable development
- Opening plenary – Unlocking finance for a new era of inclusive growth
- Plenary 2 – Inclusive AI: Artificial intelligence, technology and sustainability
- Presentation – Sustainability reporting in ASEAN: from momentum to alignment
- Keynote address by guest-of-honour
- Special fireside chat – Unlocking the blue and green carbon economy
- Plenary discussion – De-polarising carbon markets: A necessary tool for decarbonisation? Or undermining genuine reductions?
- Plenary 3 – The nexus between climate and health
- Closing plenary – Climate equity: Inclusive pathways for a just transition
- Closing keynote address
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Notes to Editors: For enquiries or photos, please contact: Mark Rao, Eco-Business About Eco-BusinessEstablished in 2009, Eco-Business is Asia Pacific’s leading media and advisory platform dedicated to sustainable development. It publishes high quality, trusted content that advances dialogue and enables measurable impact on a wide range of sustainable development and responsible business issues. Eco-Business is headquartered in Singapore, with a presence in Beijing, Hong Kong, Manila, Kuala Lumpur, Jakarta, and correspondents across major cities in Asia Pacific. Visit www.eco-business.com. About UNEP FIUNEP Finance Initiative brings together a large network of banks, insurers and investors that collectively catalyses action across the financial system to deliver more sustainable global economies. For more than 30 years the initiative has been connecting the UN with financial institutions from around the world to shape the sustainable finance agenda. We’ve established the world’s foremost sustainability frameworks that help the finance industry address global environmental, social and governance (ESG) challenges. Convened by a Geneva, Switzerland-based secretariat, more than 500 banks and insurers with assets exceeding US$170 trillion work together to facilitate the implementation of UNEP FI’s Principles for Responsible Banking and Principles for Sustainable Insurance, as well as three UN-convened net-zero alliances. Financial institutions work with UNEP FI on a voluntary basis, and we help them to apply the industry frameworks and develop practical guidance and tools to position their businesses for the transition to a sustainable and inclusive economy. Founded in 1992, UNEP FI was the first organisation to engage the finance sector on sustainability and incubated the Principles for Responsible Investment, now the world’s leading proponent of responsible investment. Today, we cultivate leadership and advance sustainable market practice while supporting the implementation of global programmes at a regional level across Africa & the Middle East, Asia Pacific, Europe, Latin America & the Caribbean and North America. More details about UN Environment can be found at www.unepfi.org. About Unlocking capital for sustainabilityUnlocking capital for sustainability is an annual flagship event organised by Eco-Business in partnership with UNEP FI that brings together high-level decision makers in finance, business, government and civic society to discuss and commit to actionable initiatives that mobilise the capital markets for sustainable development projects. Our full list of knowledge partners – past and present – can be found on our website: www.unlockingcapitalforsustainability.com. |
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