In a press release published on February 7, 2022 on 3BL Media, Acre reported that a “Sustainable Finance Framework has been established by the Republic of the Philippines (ROP) to boost its sustainability commitments.
The new green financing scheme lays out how ROP will raise green, social or sustainability bonds for projects that support renewable energy sources, loans and similar instruments in the international capital markets.
The support of renewable energy sources includes manufacturing, development, installation, operation, transmission and distribution of solar, wind, geothermal, biomass and hydropower.
ROP, which has received support from Standard Chartered Bank and UBS as joint structuring advisors, will adhere to the Framework which will also enable support for social projects that will provide access to education, basic infrastructure, food security, jobs and affordable housing.
Each project must protect biodiversity and should not involve the burning of peat, according to the terms of the Framework, and will instead produce bioenergy from agricultural or forestry residues.”
You may read the press release on the 3BL Media internet site.