Concessional loan seen to induce $2.75B in investments

THE Philippine government expects to receive $250 million from the Clean Technology Fund to help the country implement projects that will mitigate climate change, according to Energy Secretary Angelo T. Reyes.

Reyes said the fund would help leverage an estimated $2.75 billion worth of investments needed to implement key programs and projects that would significantly reduce greenhouse gas emissions.

The Clean Technology Fund is as part of a broad global initiative to help developing countries meet the cost of actions needed to combat climate change.

To be issued as concessional loans, the CTF will largely support the deployment of low carbon energy technologies as well as energy efficiency measures for industry, commercial buildings and municipalities.

Activities supported by the fund will get co-financing from the Asian Development Bank’s regular operations and this is expected to mobilize additional financing from both the government and the private sector.

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