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Manila, 20 August: Harmonised regional policies and cross-border trade mechanisms are urgently required to build investable pipelines into adaptation and resilience in the Philippines and ASEAN, said regional leaders at the flagship Unlocking capital for sustainability summit in the Philippines yesterday. Geopolitical frictions, fiscal pressures and the ongoing energy crisis have exposed critical vulnerabilities in the region, heightening the need to direct capital and resources into sustainable development – from energy security and biodiversity protection to circular economy adoption. The Philippines, who helms the ASEAN chair this year, will require an estimated US$72 billion (P4.4 trillion) between 2020 and 2030 to achieve key mitigation targets under its nationally determined contributions, according to the country’s Climate Change Commission. However, limited public funds and the lack of project bankability are deterring investments in this space. Analiza Rebuelta-Teh, Undersecretary for Administration, Finance, Information Systems and Climate Change for the Department of Environment and Natural Resources (DENR), said multilateralism is emerging as “a practical instrument for derisking investments, creating interoperable policy frameworks and channelling capital” into these urgent needs. “Sustainable development is not a trade-off between conserving nature and growing our economy. Rather, sustainable development can only be achieved by investing heavily in the protection, restoration and sustainable management of our natural capital … It is a high-yield strategic investment in economic resilience and sovereign stability,” she said in her opening address to a room full of 150 delegates at the sustainable finance forum. In response, DENR has developed a domestic carbon market policy for international alignment, project integrity and voluntary markets to spur private investments into areas such as nature-based solutions and climate adaptation, while establishing national guidelines for biodiversity credits and pilot testing insurance schemes for marine protected areas, she added. Allan Gepty, Undersecretary for the International Trade Group, Department of Trade and Industry, said that the Philippines has integrated sustainability into economic policy, but stressed the need for more proactive finance to meet critical needs. “We need clear policies, viable projects, effective institutions and strong partnerships that can bring public priorities and private investment together, but resilience must go beyond the language of recovery,” he said in his closing address. “It must address the gaps that communities feel most directly in infrastructure, livelihoods, preparedness and basic services, providing the tools and capacity to withstand shocks before they happen.” This includes investing in resilient infrastructure, early warning systems, climate-smart agriculture, disaster preparedness and stronger logistics, he added. Heavy monsoon rains and flooding across the Philippines, including Metro Manila and Baguio, have posed serious threats to human lives, mobility and critical infrastructure. If left unchecked, these environmental risks are projected to cost the Philippines over US$10 billion (P645 billion) annually, according to Rebuelta-Teh. Navigating the energy and waste crisesThe Philippines is also at the centre of two crises, declaring a national energy emergency in response to the Gulf conflict, while governance, infrastructure and technical gaps have left the country with among the highest rates of mismanaged plastic waste globally. Jay Joel Soriano, Head of Strategy and Planning for First Gen Group, said the energy transition has shifted from a climate to an energy security issue amid rising geoeconomic fragmentation, thus increasing its urgency. “Because everyone is trying to transition urgently into renewable energy for energy security, you can imagine the long lead times to get [the necessary raw materials] into the country … As we think about the energy transition, we have to be more mindful about technologies – about placing the right technology in the right place at the right time,” he said at the event. Meanwhile, as a major manufacturer and consumer, plastic waste is putting a strain on Philippines’ waste infrastructure and linear economy – calling for strategies that link circular economy models with resiliency. “Plastic policy protects the drains, the drains protect the communities and the savings from these efforts fund important services … Circularity and climate resilience are not competing agendas; they are in fact serving the same purpose. In this journey, we are reminded time and again we cannot work in silos, and all of our efforts must stand on a shared vision,” Maria Josefina Belmonte, Mayor for Quezon City, said in her special address. Geopolitics, emerging risks and ASEAN leadershipOrganised by Eco-Business in partnership with the ASEAN Business Advisory Council (ASEAN‑BAC) Philippines and UN Environment Programme Finance Initiative, alongside strategic partners First Gen Group and Net Zero Carbon Alliance, the 2026 edition of Unlocking capital for sustainability – Philippines convened 150 delegates from government, finance and industry under the theme of “Charting a shared future: Pathways for a resilient ASEAN”. Jessica Cheam, founder and CEO for Eco-Business, said “governments across the region are grappling with similar situations – more extreme weather, less time to prepare for it and budgets that were never built for this pace of loss”, with the gap between ambition and delivery widening as fiscal pressure mounts and political priorities shift. However, the region remains a beacon for progress, with the Philippines strengthening sustainability reporting requirements, aligning sustainable finance taxonomies, advancing Article 6 carbon credit deals and launching the Philippine Adaptation Investment Platform, she added. Regional cooperation and economic blocs are also vital to mitigate external shocks while strengthening economic competitiveness. “Philippines competing against many other countries is impossible. But Philippines being part of ASEAN that will compete against other countries is more powerful because you will have the size and the population to actually provide food security and many other factors,” said Jose Ma. A. Concepcion III, Chairman for ASEAN-BAC 2026 and ASEAN-BAC Philippines, in his keynote address. In partnership with the Securities and Exchange Commission Philippines, the forum also hosted a dedicated masterclass on Thursday 20 August on “Sustainability leadership in a fractured world: What board directors must know in 2026”, convening leading board directors in the country to dissect everything from materiality assessments to climate scenario analysis ahead of mandatory reporting requirements. Unlocking capital for sustainability is hosted in six markets across Asia in 2026. In addition to Manila, the flagship forum was hosted in Jakarta in June and Kuala Lumpur in July, and it will be hosted in Singapore and Bangkok in September as well as in Hong Kong in November. Find out more about our Singapore and Thailand forums. – Ends – |
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 business intelligence and advisory platform dedicated to advancing sustainable development. We produce trusted, high-quality multimedia content exploring the world’s most pressing challenges—and the solutions driving change. Our work is aligned with the 17 United Nations Sustainable Development Goals (SDGs) and supported by a 15-year archive of news, analysis, research, and events on sustainable development topics. Headquartered in Singapore, we have a presence in Manila, Kuala Lumpur, Jakarta, Bangkok, Hong Kong, Beijing, and London. For more information, visit www.eco-business.com About ASEAN-BAC PhilippinesThe ASEAN Business Advisory Council (ASEAN‑BAC) is the region’s apex private sector advisory body, established in 2001 to provide business insights and recommendations to ASEAN Leaders. It serves as the primary platform for the private sector to engage with policymakers, advocate for economic cooperation, and advance ASEAN’s integration agenda. The Council is composed of three high-level CEOs—including one representing small and medium-sized enterprises—appointed by each ASEAN member government. UN Environment Programme Finance InitiativeUNEP 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. 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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