The International Finance Corporation (IFC) plans to invest USD250mn in a green bond issued by the Bank of the Philippine Islands (BPI) to promote climate finance in the Philippines. The bond will finance eligible green assets, including renewable energy, energy efficiency, green buildings, electric vehicles, and climate-smart agriculture projects. The investment will align with the International Capital Market Association’s Green Bond Principles and contribute to IFC's 30 by 30 Zero Program, which aims to increase climate-related lending by financial institutions to 30% of their portfolios by 2030. The goal is to mitigate climate change impacts and support the country's sustainable development.

Source: ESGNewsAsia