Over the past several decades, rising standards of living in the Philippines have enabled a major shift to motorized transport. In 2010, the transport sector consumed 66% of the Philippines’ imported fuel, and accounted for nearly one third of the country’s greenhouse gas (GHG) emissions. As the most inexpensive mode of motorized transport, motorcycles and tricycles now account for over 52% of the vehicle population in the Philippines and 80% of metro Manila’s air pollution.
…the total renewable energy resource potential of the Philippines
The Philippines is tapping US$250 million in financing from the Clean Technology Fund (CTF) to support investments in energy efficient electric vehicles (e-Trikes), industrial energy efficiency, and renewable energy. CTF investment plan was drafted under the leadership of the Filipino government in coordination with the Asian Development Bank (ADB), members of the World Bank Group (IBRD, IFC), and key Filipino stakeholders. The plan aims to catalyze large-scale investments in low carbon technologies by demonstrating their viability and addressing key investment barriers. CTF funds are expected to leverage an additional US$2 billion to achieve transformative results.