By Jon Cantoc region, including China and Indonesia, have set aggressive targets to reduce greenhouse-gas emissions, despite signicant coal exposure. The Philippines has not yet followed suit. Instead, it has pledged to reduce emissions by 75% from the “business as usual” trajectory by 2030; this promise is also almost entirely conditional on internationalnancial support that has so far not been forthcoming. The Philippine Energy Plan forecasts emissions increasing until at least 2040.
Given appropriate investment, all these activities could serve to create new sources of value and growth. The private sector must be involved — and it can be in their interest to do so. International experience shows that businesses that act to reduce their carbon footprint can improve returns and cut costs, including the cost of capital. A recent example in the Philippines includes RCBC bank, the first bank in the Philippines to issue green bonds.
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