The Philippines’ energy transition strategy was the central focus at the MUFG N0W (Net Zero World) conference in Manila.
Held for the first time in the country together with our local strategic partner Security Bank Corporation, the regional ESG thought leadership showcase drew over 150 clients and featured senior officials including Secretary Raphael P.M. Lotilla, Secretary of Energy of the Department of Energy, Deputy Governor Chuchi Fonacier of the Bangko Sentral ng Pilipinas, and business and industry leaders to explore ways to scale up financing in support of the country’s transition to a more sustainable future.
Masakazu Osawa, MUFG chief executive for Asia Pacific, said in his opening remarks: “As a country on the frontlines of climate change, the Philippines has astutely adopted a multi-pronged approach to decarbonize its economy. These measures are not mutually exclusive but merge into actionable strategies under the Philippine Energy Plan for 2023 to 2050. Together, MUFG and Security Bank can play a key role in contributing to the country’s sustainability efforts, and we are fully conscious of our role in driving global change.”
As one of ASEAN’s economic powerhouses, the Philippines’ growth is expected to hit 5.8% this year and trend marginally higher for the next two. How it mitigates the twin risks of extreme weather and climate change will be closely watched. To that end, the country has astutely adopted a multi-pronged approach towards decarbonization, embracing measures from renewable energy adoption to technology development and catalysing sustainable finance through policy support.
MUFG has driven much-needed conversations on climate action with key stakeholders while financing sustainability projects across Asia Pacific. This latest iteration of MUFG N0W reaffirms this regional commitment while facilitating further consensus and support for the development and deployment of clean energy, climate friendly infrastructure and technologies in the Philippines.
MUFG’s presence in the Philippines spans over 70 years, and we will continue to engage and partner with the country’s corporates in their sustainability agendas as we chart our next phase of growth. We will also scale up collaboration with Security Bank to leverage the full might of MUFG’s global network and resources in support of our clients’ decarbonization efforts.
