In the Philippines, polluting coal is still the number one source of energy. Renewable energy can’t compete because it’s difficult to secure financing. But that is changing.Project goal: Making it easier to get commercial bank loans for environmental projects
Project implementation: Berlin-based Renewables AG trains technical consultants, who ensure that energy efficient projects are also profitable, making it easier for them to secure financing
Project budget: €3.2 million ($3.62 million) as part of Germany’s International Climate Initiative (IKI)
Solar panels on the roof and coal-fired power plants next door: That’s the reality for people living in the picturesque Philippine coastal town of Atimonan.
Coal is still the island nation’s number one source of electricity. But people there want to consign coal plants to the past and increase the number of solar panels as well as the share of other kinds of renewable energy.
That’s an expensive prospect. Financing is difficult to secure as green energy projects are usually seen as risky investments. Now a bank in the capital Manila wants to make money available to help turn the tide on the polluting fossil fuel.
A film by Joanna Gottschalk