GFI Philippines

The Philippines has posted one of Asia’s fastest expansion rates—6.0% real GDP growth in H1 2024. But while the nation grows rapidly, it also faces significant pressure to decarbonise and adapt to the impacts of climate change.

The Philippines Nationally Determined Contribution Implementation Plan (NDC IP) highlights a significant climate financing need of $72bn required across five priority sectors – agriculture, waste, industry, transport, and energy. With public financing only able to fund 2.7% of this, innovative financial mechanisms to unlock private financing are essential.

Foreign direct investment in Philippines remains modest, but it doesn’t flow to all sectors, with 89% of commercial banks in the Philippines supporting renewable energy, but only 28% back resource efficiency and circular economy lending and 22% finance zero-carbon transportation. Sustainable Finance in the Philippines report focuses on the barriers to investing in the transport and waste sectors, due to its underdeveloped financing landscape.

GFI's role

The GFI was asked to accelerate private capital mobilisation for the country’s Nationally Determined Contribution (NDC) by addressing financing gaps in two key sectors: transport and waste. This work is being undertaken in collaboration with the Inter-agency Technical Working Group on Sustainable Finance (the “Green Force”) led by the Department of Finance (DOF) and the Climate Change Commission (CCC). Formalised in 2021, the Green Force’s mandate is to institutionalise sustainable finance and develop a pipeline of bankable green investments.

Team

James Hooton is Managing Director of the Green Finance Institute Europe, leading on European strategy and building relationships with key public and private sector stakeholders. Under his leadership, the GFI has expanded internationally. James is a founding member of the Sustainable Energy Finance Association, an advisory member of the Science Based Targets initiative Expert Advisory Group on Buildings, and a member of the Core Project Team for the Partnership for Carbon Accounting Financials. He joined the GFI from his role as Finance and Ops Director for a charity, and previously spent 16 years at Goldman Sachs in Europe and Asia managing teams across a range of financial products from commodities, equity derivatives to vanilla cash equity.

James Hooton

Managing Director, Europe

Sandie leads the Institute’s international programme in the Philippines, designing financing mechanisms to mobilise private capital into priority NDC sectors. She previously led the Land, Nature and Adapted Systems (LNAS) Advisory Group, advising the UK government on a Green Taxonomy to help capital into nature positive investments and to support the delivery of a resilient UK economy. With a background spanning NGOs, UK Civil Service and energy sector consultancy, Sandie brings deep expertise in environmental policy and energy transition. She began her career as an offshore geophysicist and holds an MSc in Environmental Technology from Imperial College London.

Sandie-Gene Muir

Senior Associate

Rhian-Mari Thomas is Chief Executive of the Green Finance Institute, an independent organisation at the forefront of shaping how finance can be used to facilitate real economy transition.

Rhian spent 20 years in investment banking and corporate finance and was the first person to be awarded an OBE for services to green banking.

She is a former member of the Taskforce on Climate-Related Financial Disclosures (TCFD) and co-chaired the launch of the Taskforce on Nature-Related Financial Disclosures (TNFD) – having served as a senior adviser to the TNFD since its inception in June 2021. Rhian is a Trustee of the World Wide Fund for Nature (WWF) UK, and chairs the independent National Wealth Fund Taskforce. She also sits on an Independent Advisory Board for carbon ratings agency, BeZero Carbon, offering strategic advice on the future of carbon markets.

A fluent Welsh speaker, Rhian holds a PhD in Physics from Trinity College, Dublin, Ireland.

Dr. Rhian-Mari Thomas OBE

Chief Executive Officer

Simon is responsible for our strategic communications, relationship with governments and key external stakeholders. Prior to joining the GFI, Simon was Innovation Director at the City of London Corporation where he served on the secretariat for the Green Finance Taskforce which led to the creation of the GFI. He also served on the board of the Kalifa Review into UK Fintech. Most recently he was a Director at Flint Global, advising investor clients on sustainability.

Simon Horner

Managing Director, External Affairs