THE Philippines is set to gain from a 10.7-million-euro commitment by the European Commission to the Climate Fund Managers’ (CFM) Climate Investor Two (CI2) Fund, a $1- billion initiative aimed at bolstering water, waste and ocean infrastructure in emerging markets.
According to a statement, the funding will support the country’s climate resilience efforts, particularly through the development of a bioenergy facility in San Manuel, Isabela.
A portion of the funding will support the development of the Isabela project, due to start construction in the fourth quarter of 2025.
The project includes a 10 megawatt (MW) biomass plant and 4MW biogas plant that will produce renewable electricity and gas for local consumption or sale to the grid, reducing emissions by 40,000 tons of carbon dioxide equivalent annually.
CFM, a climate-focused blended finance investment manager operating across Africa, Asia and Latin America, is co-developing the project through BioAsia Energy Holdings, its joint venture with bioenergy developer Anvirya Ventures Pte Ltd, and La Suerte Rice Mill Corp., one of the largest paddy milling operators in Isabela.
The EU commitment will be channelled through FMO, the Dutch Entrepreneurial development bank, development finance institution, as an EU pillar-assessed entity.
“Communities in the Philippines are amongst the most impacted by global warming. Only with public sector commitments like the EU’s can we unlock private investment at a sufficient scale to drive meaningful change,” said Jeb Victorino, Investment Director at CFM. “This funding will enhance CI2’s capacity to mobilise private sector investment in critical sectors, including transformative circular economy projects like the Isabela bioenergy facility, while supporting vulnerable communities and advancing the Philippines’ green energy transition,” he added.
