The Philippines excludes fossil fuels, mining but not waste-to-energy in draft green taxonomy
(Eco Business, 23 Oct 2023) In the country’s first national sustainable finance taxonomy, the Philippine central bank indicated that it will not put a green label on projects related to fossil fuels and extractives, but does not specify a category for waste burning.
The Philippine central bank will not consider fossil fuels in its proposed definitions of green finance but will not label waste-to-energy (WTE) as a high-risk activity.
The regulator, known locally as the Bangko Sentral ng Pilipinas(BSP), stated that any expenditure related to the “exploration, production or transportation of fossil fuel and fossil-fuel power-generation related projects” as well as extractive mining will not be counted as “social and green”, in its draft sustainable finance framework released last month.
However, the draft does not include a managed coal phase out like Singapore and Indonesia, although the latter has backslided by announcing last month that it is considering a place for new coal-fired power plants in its green taxonomy.
Anti-mining non-profit Alyansa Tigil Mina (ATM) commended the BSP for putting extractives under the red label of activities considered harmful to the environment, stating that the sector will “impact the country’s goals and capacity to respond to climate change.”
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