The Philippine government will be excluding projects related to fossil fuel power generation from its new green financing scheme. This is in line with its commitments to sustainable development as well as the United Nations Sustainable Development Goals. The exclusion will also cover the exploration, production or transportation of fossil fuel, according to Sustainable Finance Framework.

Under the Framework, the Philippine government plans to raise green, social or sustainability bonds and loans amongst others for projects that support renewable energy sources. This includes manufacturing, development, installation, operation, transmission, and distribution of solar, wind, geothermal, biomass and hydropower.

Guest post from Asian Power