$1 billion low-carbon transport project in the Philippines approved

On 29 June, the Board approved the $1 billion Davao Public Transport Modernization Project that will be the first to deploy electric bus fleets that will help the Philippines reduce greenhouse gases and further push its climate agenda.

The project will finance the procurement of 1,100 electric and Euro 5-standard diesel-fueled buses. Operations will be managed by the private sector under performance-based contracts. The modern fleet is projected to bring down 60% of annual greenhouse gas emissions from public transport in Davao City which is the Philippines’ third-largest city by population. The project will serve as a pilot for transforming the country’s public road transport system.