Climargy re-appointed to ASEAN advisory panel for sustainable finance

The ASEAN Capital Markets Forum and the ASEAN Working Committee on Capital Market Development in a previous meeting. (File Photo: ACMF)

The ASEAN Capital Markets Forum and the ASEAN Working Committee on Capital Market Development in a previous meeting. (File Photo: ACMF)

SINGAPORE, May 16, 2023 – Climargy Inc. was re-appointed as member of the ASEAN Working Committee on Capital Market Development (WC-CMD) - ASEAN Capital Markets Forum (ACMF) Joint Sustainable Finance Working Group’s (JSFWG) Industry Advisory Panel (IAP). The re-appointment of Climargy to the IAP for the period April 15, 2023 to April 14, 2024 was confirmed earlier today by Eugene Wong, CEO of Sustainable Finance Institute Asia (SFIA), and Donough Foley, Senior Adviser and IAP Convenor.

In March 2022, the Philippine Government, through the Securities and Exchange Commission (SEC), nominated Climargy to the IAP because of the firm’s unique and pioneering model of flowing equity capital specifically for energy efficiency projects. At that time, Climargy was tasked to support the Working Group on Transition Standards.

In today’s announcement of the JSFWG, 24 companies across ASEAN member states were appointed to the IAP for 2023-2024. Climargy is currently serving the newly created Working Group on Supply and Demand.

ACMF and WC-CMD established the IAP in 2021 with the aim of engaging with and receiving feedback from the private sector on ACMF and WC-CMD’s sustainable finance agenda and initiatives. The IAP is intended to provide ACMF and WC-CMD a better understanding and insights into the views, ideas, and needs of the private sector, while also serving as an avenue for ACMF and WC-CMD to share their perspectives with the industry.

“The IAP has proven to be a valuable interaction point for the capital market regulators and industry in advancing the important regional sustainable finance agenda and we hope that the IAP will play a bigger role in accelerating the agenda moving forward,” said the JSFWG.

Climargy is one of the world’s pioneer private-sector super-ESCO aggregators of ESCO project assets. Climargy’s unique model of mobilizing off-balance sheet capital toward ESCO-led projects is intended to accelerate energy efficiency capital flows in Asian growth markets, initially the Philippines. In December 2021, Climargy entered into a joint development partnership with Pi Energy of the Lopez-led First Philippine Holdings Corporation to pursue a pipeline of EE projects hosted by commercial and industrial designated establishments, in the shared objective of enabling and advancing the impacts of Republic Act 11285, better known as the Energy Efficiency and Conservation Act.