CarbonPH meet tackles financing transition to low-carbon economy

CarbonPH meet tackles financing transition to low-carbon economy | Daily Tribune

Representatives of companies planning or undertaking decarbonization and sustainability initiatives learned about greening financing during the 7th installment of the CarbonPH Education Series (CES) hosted by GT Capital Holdings Inc. (GT Capital) and Aboitiz Equity Ventures Inc. (AEV).

The latest CES session titled “Greening the Economy: Opportunities and Challenges of Transition Finance” saw industry leaders and sustainability champions explore opportunities, challenges and solutions associated with financing sustainable initiatives at both national and industry levels.

“The increasing impacts of climate change to our economy highlight the need to transition to a low-carbon economy. With this session, we aim to provide a comprehensive understanding of transition finance, as it covers strategies, instruments and policies to facilitate the flow of capital toward sustainable projects,” Ginggay Hontiveros-Malvar, AEV chief reputation and sustainability officer and Aboitiz Foundation president said in opening the meeting.

United Nations Economic and Social Commission for Asia and the Pacific (UN ESCAP) director of the macroeconomic policy and financing for development Hamza Ali Malik provided invaluable insights into the significance of transition finance in achieving sustainable development goals, as well as guidance that helped participants understand the broader landscape of transition finance.

Key recommendations from the event included establishing carbon mitigation and carbon reduction plans and strategies, engaging in partnerships with policymakers and regulators, investing in building the organizational capacity and systems, facilitating regular meetings between project developers and financial institutions, and encouraging real economy borrowers and clients to implement the net zero transition.

There’s a shared agreement on the importance of incentives like tax benefits and transparent ESG (environmental, social and governance) reporting to ease the transition.

CarbonPH is a group of leading private sector companies that strategically collaborates to address climate change through practical solutions and strategic policy advocacy.

GT Capital, represented in the meeting by Joyce Baldueza-de Leon, chief risk officer and head of sustainability, and the Aboitiz Group remain committed to fostering collaboration and innovation in sustainability efforts.