The world is on the verge of completing its transition into renewable sources of energy. The shift toward a green and sustainable system and putting fossil fuels behind should not be just a simple statement but rather applying sustainability, said Citicore Renewable Energy Corporation president and CEO Oliver Tan.

Tan said there is an increasing global demand for sustainable infrastructure, but this must not be just a way of promoting green projects. "The label should not be merely a statement, but really about applying sustainability daily," he added.

For its green initiative, CREC is one of the world's first to receive the FAST-Infra Sustainability Infrastructure Label for its Bokbok 1 and 2 Solar Power Plant Projects in Batangas.

FISI revealed the certification status of CREC's projects during a side event held at the United Nations Climate Change — 28th Conference of the Parties (COP28) held in Dubai, UAE.

Among the initial six projects labeled as FAST-infra projects, two are from the Philippines, which are Citicore PV projects in Tuy, Batangas. Other certified projects are in India, Vietnam and Brazil.

Tan represented Citicore during the high-level discussion with Macquarie Asset Management, Pentagreen Capital, and Global Infrastructure Facility and was moderated by Global Infrastructure Basel Foundation.

The FAST-Infra Label is a globally applicable label for projects demonstrating significant positive sustainability performance. Once completed, CREC's Bolbok 1 and 2, with a combined output of 162MWp of power, will avoid more than 160,000 tonnes of carbon dioxide emissions.

These two FAST-Infra label projects are also funded by the landmark green infrastructure financing structured by Singapore-based Pentragreen Capital, jointly owned by Temasek and HSBC.