Lord Mayor of London vows support for PH’s AI, climate finance goals
The Department of Finance (DOF) has secured the support of the Lord Mayor of London, Alderman Michael Mainelli, in furthering the country’s goals in artificial intelligence (AI) and climate change mitigation financing.
In a statement, the DOF said Mainelli offered assistance in establishing sustainability-linked policy performance bonds to fund environmental, social and governance (ESG) projects.
“This initiative champions the ethical development and application of AI that will help the Philippines create a culture of human-centered technology that prioritizes rights, privacy and dignity,” the DOF said.
The Lord Mayor also highlighted the potential for hydrogen investments, such as hydrogen-fueled vehicles, to boost the Philippines’ decarbonization efforts.
The discussions also covered opportunities for collaboration in key sectors like mining, defense and security and renewable energy.
Meanwhile, Mainelli asked the Philippines’ support for the United Kingdom’s Space Protection Initiative, a project to promote the safe and sustainable use of outer space.
In a separate statement, the finance department also asked British companies to invest in the country.
British companies being wooed included Actis, BP Plc, Global Infrastructure Partners, InvestCorp, Alexander Mann Solutions and Revolut.
The DOF officials also held meetings with the British International Investment and the UK Asean Business Council.
“I trust that our dialogues here will open the floodgates of more opportunities for mutually beneficial partnerships–ventures that will not only help them make more money but also enable the Philippines to reduce poverty to single digits and secure a brighter future for every Filipino,” Finance Secretary Ralph Recto said.
Actis is a global investment firm specializing in private equity, energy, infrastructure and real estate. In September, it invested $600 million for a 40-percent stake in Meralco’s Solar Philippines New Energy Corp. to develop Terra Solar, which aims to be the world’s largest solar farm.
BP Plc is a global energy giant operating in over 70 countries. It has a foothold in the Philippines through Castrol, which markets and distributes automotive lubricants.
“We are very confident that our meetings left British investors with no doubt about the predictability, stability, profitability and sustainability of doing business in the Philippines,” Recto said.
