PH seeks to leverage a new $ 10 billion global fund to aid the shift to green energy

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The Philippines and a new $ 10 billion global fund are considering a partnership to finance the country’s shift to green and renewable energy sources, the Department of Finance (DOF) said Friday.

In a statement, the DOF said Secretary Carlos Dominguez III met with Rockefeller Foundation President Rajiv Shah, who was also a pioneer of the private sector-led Global Energy Alliance for People and Planet (GEAPP), on the guidelines of the 26th edition of the United Nations. (UN) Conference of the Parties on Climate Change (COP26) in Glasgow, Scotland.

Dominguez led the Philippine delegation to COP26 as the designate chair of the Commission on Climate Change (CCC).

GEAPP, meanwhile, had previously pledged at least $ 10 billion “to help accelerate the implementation of clean energy projects in developing economies highly vulnerable to climate change,” the DOF said.

GEAPP also aimed to “deliver transformation programs that will accelerate and expand a just energy transition in developing and emerging economies, while creating millions of jobs,” the DOF added.

The DOF said Dominguez and Shah “briefly discussed a possible list of projects the organization can help fund for the Philippines.”

Notably, Dominguez launched the Philippines plan to dismantle and reuse coal-fired power plants in Mindanao.

—Ben O. de Vera

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