Manila, Philippines – International Finance Corp and First Balfour, a leading engineering and construction company in the Philippines, have agreed to collaborate to scale up efforts to decarbonize the transportation sector, supporting the country’s climate goals.
Under this agreement, IFC will help First Balfour conduct assessments and viability studies to develop a robust electric vehicle (EV) system in the First Philippine Industrial Park (FPIP), including charging infrastructure to be fully powered by renewable energy.
FPIP has been looking for ways to create a stronger and more efficient transportation system inside and outside the industrial park, in a way that is inclusive and beneficial to locators, current transportation service providers and neighboring communities.
Located approximately 50 kilometers from Manila and spanning 500 hectares, FPIP is one of the largest industrial parks in the Philippines, hosting more than 140 locators employing approximately 70,000 employees.
FPIP is a joint venture between conglomerate First Philippine Holdings (FPH) and Japanese conglomerate Sumitomo Corp. First Balfour, which participated in the development of certain infrastructures of FPIP, is a 100% subsidiary of FPH.
“We are actively exploring opportunities in the electric vehicle space to be able to provide integrated infrastructure and services to our clients, such as FPIP…IFC’s expertise will help us develop highly relevant market solutions that will help us will ultimately help contribute to our country’s resilience in the future,” said Anthony Fernandez, President and Chief Operating Officer of First Balfour.
A growing number of companies in the Philippines are looking to explore the adoption of electric vehicles to help green their operations, but technical expertise is thin and successful business cases, especially those at scale, are few. many.
“A huge investment opportunity over the next decade, electric vehicles are essential in the fight against climate change and can help reduce emissions, lower transport costs and create thousands of green jobs. Thus, developing an efficient and thriving electric mobility ecosystem is crucial for the Philippines to meet its climate commitments,” said Jean-Marc Arbogast, IFC Country Manager for the Philippines.
Ranked among the countries most vulnerable to the effects of climate change, transport is the main source of air pollution and energy-related greenhouse gases (31% of total GHG emissions) in the Philippines. With the Electric Vehicle Industry Development Act, electric vehicles can help the country achieve its goal of reducing GHG emissions by 75% below the baseline by 2030.
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