CIF to Provide USD 500 Million Loan to Philippines for Renewable Energy Transition

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The Government of the Philippines has secured USD500 million in investments from the Climate Investment Funds (CIF) to transition from coal to renewable energy.

The Accelerating Coal Transition (ACT) investment plan, approved by CIF’s governing board, aims to expedite the retirement or repurposing of coal-fired plants, including the Mindanao plant. This plan targets the retirement of up to 900 MW of existing coal generation capacity by 2027. The funding will support the addition of 1,500 MW of renewable energy capacity by 2030, including battery systems, offshore wind, floating solar, and pumped hydro projects. The ACT investment plan aims to reduce greenhouse gas (GHG) emissions by 33 million tonnes of CO2 by 2030. Currently, coal constitutes 44 per cent of the Philippines’ total installed capacity and 60 per cent of total generation, accounting for over 55 per cent of the country’s GHG emissions. The government has committed to a 75 per cent reduction in GHG emissions by 2030, aligning with its Nationally Determined Contribution.

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