Scaling Up Climate Finance through the Financial Sector or the “30 by 30 zero” is an IFC-led program in partnership with the World Bank and the Renewables Academy (RENAC) focused on harnessing the financial sector in the Philippines and other targets countries, with the objective of considerably scaling up private sector financing for climate mitigation and adaptation through local FIs.
By 2030, the program is expected to support the Philippines to align financial sector strategies and reforms with the implementation of the new NDC through the achievement of the following immediate objectives:
1. The central bank (BSP) issues supervisory guidelines on climate risk management, governance, stress testing/scenario analysis, and reporting/disclosure by 2023 and the banking sector implemented these in practice by2027
2. The Green Force in consultation with relevant financial sector regulators and ministries launches a green taxonomyby2024
3. The SEC issues guidelines for institutional investors to review and assess green investment opportunities by2024
4. Climate thematic bonds introduced to the Philippines capital market with at least $250 million of issuances by 2024, and at least 2 domestic institutional investors implemented climate strategy/action plans by2024.
5. 3 participating banks increase their climate share of their portfolios to additional 5% of their relevant loan portfolio, and complete their carbon footprint measurement, transition risk/physical risk assessment, and integrates climate risks in their overall risk management systems.
6. Building sector has clear strategy to increase the adoption of green building/net zero building standards to align with NDC targets.