CIF backs Philippines with $500 million investment plan for coal transition

The governing board of the Climate Investment Funds (CIF) has approved the Philippines government’s investment plan. As part of it, the government will receive an allocation of $500 million from CIF.?

CIF released a factsheet, Accelerating Coal Transition (ACT) Investment Plan for the Philippines, in which it said, “The ACT investment program is a first-of-its-kind multilateral investment platform pioneering a transition away from fossil fuels and toward clean energy.”?

As part of the plan, the country aims to expedite the retirement or repurposing of coal-fired plants. This initiative targets the acceleration of the retirement of up to 900 MW of existing coal generation capacity by 2027.??

Moreover, it emphasizes ensuring that 80% of affected employees gain access to sustainable income, ensuring a fair and equitable transition.?

Coal is not only economically costly for the Philippines but also accounts for over 55% of the country’s total greenhouse gas (GHG) emissions by fuel type.?

CIF highlights the Philippine government’s goal of achieving 35% renewable energy generation by 2030 and over 50% by 2050.?

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