NDC, global organization ink MOU to develop green companies

The National Development Company (NDC) has signed a memorandum of understanding (MOU) on Wednesday, Dec. 20, with the Global Green Growth Institute (GGGI) to develop startup companies’ capabilities within the waste management, sustainable forestry, and circular economy sectors.

According to the NDC, the MOU will establish the Green Growth Cooperation (GGC) initiative that would enable the GGGI to provide technical assistance and education training to firms. GGGI is an intergovernmental international development organization headquartered in Seoul, South Korea.

The NDC explained that when the startups become commercially viable, they can avail of possible equity investment.

“The NDC can look at traditional equity funding, debt financing, the startup venture fund (SVF), or combinations thereof to improve the financial viability and de-risking the industry to encourage private investment to come in,” it stated.

Through the partnership, NDC aims to help fulfill GGGI’S programs to advance the role of the private sector in national climate action through green investments, green growth policy advisories, and capacity development for green entrepreneurship.

The GGC initiative is part of the GGGI’S larger project, namely the Green Transition Investment Program (GTIP).

The GTIP seeks to mobilize green investments in the Philippines, Indonesia, and Vietnam, along with accelerating job creation and employment.

To date, the implementation of the overall GTIP has resulted in 1.5 million tons of greenhouse gas reductions, €100 million investments mobilized, and 250 new green jobs.

GGGI has been partnering with Philippine government agencies and local governance units since 2011, particularly with the Climate Change Commission (CCC), National Economic and Development Authority (NEDA), Department of Trade and Industry (DTI), and the Palawan, Oriental Mindoro, and Bataan provincial governments.