Philippines Offers $500M in Green Bonds to European Investors

Philippine Finance Secretary Carlos Dominguez is seeking support from European investors through government green bonds worth at least $500 million to raise funds for the country’s clean energy projects.

Dominguez said the sale of these debt securities, known as environmental, social and governance (ESG) sovereign bonds, will be done “in the coming weeks,” the Department of Finance said in a statement.

The issuance of the bonds are part of the Philippines’ effort to move ahead with its climate goals, given the lack of progress in the $100-billion climate financing pledge of Western countries to climate-vulnerable countries, Dominguez said.

The finance secretary said on Thursday that the government is in talks with various banks for the structure of the green bond offer, and is exploring offers in different currency markets.

The offer will be the government’s first in the green bond market.

The Southeast Asian country pledged 75 percent reduction in carbon emissions by 2030 during last year’s UN Climate Change Conference, and plans to replace its carbon-fired power plants with renewable energy technologies to achieve the goal.

© Fourth Estate® — All Rights Reserved.
This material may not be published, broadcast, rewritten or redistributed.