Manila, Philippines, June 7, 2024 — On World Environment Day, International Finance Corporation (IFC) in the Philippines hosted its 2nd Climate Forum, an event aimed at fostering discussions and actions to promote green lending and climate investment opportunities within the country.

The forum is an integral component of IFC's flagship climate initiative in the Philippines, the 30by30 Zero Program. This ambitious program targets to increase the climate lending of financial institutions to 30% of their portfolios by 2030, while simultaneously reducing coal exposure to nearly zero and mitigating climate risks. Additionally, the program supports the Philippines’ Nationally Determined Contributions (NDCs) to scale up climate-related investments and lending.

The forum, which was held in partnership with the Alliance for Green Commercial Banks (the Alliance), featured key members of the Alliance  - Crispian Cuss from Citi, a Cornerstone Member of the Alliance, shared insights on "Managing Climate and Environmental Related Risks for the Philippine Financial Sector," highlighting the essential role of financial institutions in navigating and mitigating climate risks. Susanna Wong of the Hong Kong Monetary Authority, offered valuable lessons on "Sustainable Finance Taxonomy and the Financial Sector’s Role in Supporting a Green Transition," emphasizing how the sector can drive progress through comprehensive sustainability frameworks.

Carlos Serrano, Secretary of the Alliance for Green Commercial Banks, said, “The forum marks a significant milestone in our collective journey towards a green future for the Philippines. The Alliance is committed to drive meaningful change and ensure that financial institutions in the region are equipped to meet the challenges of climate change and their green finance ambition. Together, we are building an ecosystem that will benefit both current and future generations.”

This year’s forum underscored the importance of promoting green lending and climate investment opportunities, attracting over 100 attendees from the financial sector, multilateral agencies, and government bodies, reflecting a strong commitment to advancing sustainable finance in the Philippines.