THE World Bank is placing an unprecedented emphasis on sustainable development and climate finance for the years 2024-2025, responding to the escalating global challenges of climate change, environmental degradation, and the need for resilient infrastructure.

With climate change becoming a pressing issue for both developed and developing nations, the World Bank has ramped up its investment in sustainable initiatives that aim to mitigate the impacts of climate change while promoting long-term economic stability.

Climate finance commitment

For fiscal year 2025, the World Bank is setting a clear target: 45% of its lending will be directed towards climate-related projects. This follows a successful fiscal year 2024, where the institution committed $42.6 billion to climate finance. These funds supported a variety of projects, including renewable energy initiatives, sustainable agriculture, and infrastructure that can withstand the increasing frequency of climate-related disasters.

This focus ensures that countries, particularly those most vulnerable to the effects of climate change, have the financial backing to adapt and build resilience.

Sustainable development bonds

One of the World Bank’s key tools for financing its climate and sustainable development agenda is its Sustainable Development Bonds. In July 2024, the World Bank raised $2.7 billion through the issuance of two bonds linked to the SOFR index. These funds are earmarked for projects that directly address sustainable development challenges, such as building clean energy infrastructure, improving disaster resilience, and promoting sustainable cities.

This bond issuance attracted a diverse group of investors, highlighting the growing interest in sustainability-linked investments. The funds raised will support not only climate-related projects but also broader development goals that align with the United Nations Sustainable Development Goals (SDGs), particularly in low and middle-income countries.

Renewable energy projects

The World Bank’s renewable energy projects are at the forefront of its climate finance strategy. In countries with significant potential for renewable energy, the Bank is investing in the development of solar, wind, and geothermal power to replace carbon-intensive energy sources. These projects are part of a broader strategy to help nations reduce their carbon footprints, while ensuring they have reliable and affordable energy sources. For example, the World Bank has been heavily involved in financing offshore wind projects in Vietnam and Taiwan, which are poised to become key players in the global energy transition.

Private sector engagement

The World Bank also seeks to mobilize the private sector in the fight against climate change. Recognizing that public funding alone is insufficient, the Bank works to attract private investments through de-risking mechanisms and guarantees. This approach is particularly important for large-scale renewable energy projects and infrastructure investments in developing countries, where the perceived risks might otherwise deter private investors.

Resilience and  adaptation initiatives

In addition to mitigation, the World Bank is investing heavily in climate adaptation. This includes projects focused on flood protection, sustainable agriculture, and water management, especially in regions that are already experiencing the harsh effects of climate change. In nations like Bangladesh and Mozambique, for example, the World Bank is funding programs designed to help communities adapt to rising sea levels and more frequent extreme weather events.

These initiatives form part of the World Bank’s broader mission to reduce poverty and promote shared prosperity. By focusing on sustainable development and climate finance, the Bank is not only addressing the immediate challenges posed by climate change but also laying the groundwork for long-term economic resilience and environmental sustainability.

The road ahead

As the world faces increasing environmental challenges, the World Bank’s focus on sustainable development and climate finance will continue to be a crucial pillar of its operations. By driving investments in clean energy, climate adaptation, and resilient infrastructure, the Bank is helping countries transition to more sustainable economies, reduce poverty, and safeguard future generations against the risks of climate change.

This concerted effort from the World Bank to accelerate sustainable development marks a significant step in the global response to climate change and underscores the importance of coordinated international efforts to meet both economic and environmental goals.

SM SUPERMALLS, the leading retail conglomerate in the Philippines, has been at the forefront of sustainable practices, particularly in the realms of electric vehicles (EVs), green spaces and solar energy. Through its extensive network of shopping centers and innovative initiatives, SM has emerged as a driving force in the country’s transition to a greener future.  

Leading the charge for electric vehicles

Recognizing the pivotal role of EVs in reducing carbon emissions, SM Supermalls has made significant strides in expanding its electric vehicle charging infrastructure. Recognized very well by the EV community, SM Supermalls has been at the forefront of promoting electric vehicle (EV) adoption in the Philippines. As of 2024, SM Supermalls operates a network of 111 EV charging stations across 62 malls nationwide, making it the largest provider of EV charging infrastructure in the country.  

“I not only take advantage of the location of SM’s EV charging stations in the malls, I also take advantage of its locations,” says Dr. Marge O., who has clinics in the South Luzon, from Sucat, Alabang and Lucena. She drives a Hyundai Ioniq and says that the charging station is Lucena is a huge blessing for her. She likewise appreciates traveling North with so many charging options from SM.

“Our commitment to supporting electric vehicles aligns with our broader sustainability goals,” said Steven Tan, President of SM Supermalls. “By providing a robust charging network, we aim to create a more conducive environment for EV ownership and contribute to a cleaner and healthier Philippines.”  

SM Supermalls has also partnered with various stakeholders to promote EV awareness and education. Through initiatives such as EV roadshows and educational campaigns, the company has been instrumental in informing the public about the benefits of electric vehicles and dispelling common misconceptions.

Harnessing the power of the sun

In addition to its EV initiatives, SM Supermalls has embraced solar energy as a clean and renewable source of power. The company has installed solar panels on several of its malls, significantly reducing their reliance on traditional energy sources. The solar panels generate electricity that is used to power the malls’ operations, resulting in substantial energy savings and reduced carbon emissions.  

“Our solar panel installations are a testament to our commitment to environmental sustainability,” said Tan explains. “By harnessing the power of the sun, we are not only reducing our carbon footprint but also contributing to a more resilient and energy-independent future.”

Last May, SM Supermalls launched its largest rooftop solar photovoltaic (PV) system at SM City Santa Rosa, Laguna, covering over two hectares of the mall’s rooftop. This milestone demonstrates the company’s ongoing efforts toward energy efficiency as SM Prime strengthens its commitment to building a sustainable future, aiming to achieve Net-Zero emissions by 2040.

The new solar PV system at SM City Santa Rosa, which recently earned a Certificate of Compliance (COC) from the Energy Regulatory Commission (ERC), consists of 5,772 panels with a total capacity of 3.088 MWp. It generates up to 4.292 GWh of solar energy annually, meeting 15 percent of the mall’s energy needs.

SM Supermalls began using solar power in 2014 with the installation of solar PV systems at SM City North EDSA, making it the first mall in the Philippines to utilize solar energy. In 2016, a larger solar facility was added at SM Mall of Asia, doubling the capacity of the North EDSA installation. By harnessing clean and renewable solar energy, SM Supermalls has reduced its dependence on the power grid, especially during peak demand periods caused by high temperatures.

All 85 malls of SM Supermalls are energy efficient. Every mall maximizes natural lighting, through skylights and windows, and all malls have used LED lighting since 2018, ensuring energy efficiency.

Steven Tan, President of SM Supermalls, shared “SM Supermalls is committed towards contributing to build a sustainable future. We have made significant strides in clean energy regeneration, as well as water conservation and recycling, and solid waste management. With the continuous support of our partners and the communities where we operate, we believe we can truly reach our science-based goals towards Net Zero by 2040.”

A greener approach to retail

SM Supermalls recognizes the importance of sustainable practices in today’s world. By integrating green spaces into its developments, the company is not only enhancing the shopping experience but also contributing to a healthier and more sustainable future.

SM Supermalls has implemented various green initiatives, including rooftop gardens, indoor greenery, sustainable landscaping, and green walls. Rooftop gardens transform previously unused spaces into green oases, while indoor greenery creates a more pleasant and inviting atmosphere.

Green spaces in SM

The company prioritizes sustainable landscaping practices, using drought-tolerant plants, efficient irrigation systems, and organic fertilizers. Green walls, vertical gardens that help improve air quality and provide a visually appealing feature, have also been incorporated into some SM malls.

These green spaces offer numerous benefits, including improved air quality, reduced heat island effect, enhanced biodiversity, improved mental health, and community engagement. Greener spaces contribute to cleaner air by absorbing pollutants and releasing oxygen. They can also help mitigate the heat island effect, making urban areas cooler and more comfortable.

By providing habitats for various plant and animal species, greener spaces promote biodiversity and ecological balance. Additionally, spending time in nature has been shown to have positive effects on mental health, reducing stress and anxiety. Finally, greener spaces can serve as community gathering places, fostering social interaction and a sense of belonging.

SM Mall of Asia Sky is a rooftop destination that features lush greenery, offering a tranquil escape from the city’s hustle and bustle. SM Megamall’s Indoor Garden is a renovated 5th floor that features a beautiful indoor garden, creating a serene and relaxing atmosphere. Other notable examples include SM City Bacolod, SM City Cebu, and SM City Iloilo, which have integrated lush indoor gardens and expanded outdoor green spaces.

SM Supermalls’ efforts in EV infrastructure, green spaces and solar energy are part of a broader sustainability strategy that encompasses various initiatives, including waste reduction, water conservation, and community engagement. The company’s commitment to environmental stewardship has earned it a reputation as a responsible corporate citizen.  

As the Philippines continues to prioritize sustainable development, SM Supermalls remains at the forefront of the movement. Through its innovative initiatives and unwavering dedication to a greener future, the company is inspiring others to join the cause and create a more sustainable nation.

The rise of the prosumer–an individual who both produces and consumes resources–has become a defining characteristic of today’s energy landscape. With the increasing availability of renewable energy technologies, prosumers are contributing significantly to decentralized power grids by generating their own energy, often using solar panels or wind turbines, and even selling surplus energy back to the grid.

This shift not only challenges traditional energy models but also presents a range of new opportunities and obstacles.

In addition to energy, the prosumer model extends into other areas such as agriculture, where people cultivate their own food through urban gardening or small-scale farming. Together, these efforts represent a broader movement towards sustainability, self-sufficiency, and reduced environmental impact.

The term “prosumer” was first coined by futurist Alvin Toffler in his 1980 book The Third Wave. Originally, it referred to individuals who produce content or products for their own consumption, which blurs the line between producer and consumer. In today’s context, the term is most often applied to the energy sector, where individuals and businesses both consume and generate electricity.

 This shift is largely driven by the increasing affordability of technologies like solar photovoltaics (PV), energy storage systems, and the growing interest in environmental sustainability.

Prosumers are not limited to individual households; entire communities, cooperatives, and businesses can operate within this model, often generating more power than they need and selling the excess back to utility companies, thereby contributing to the broader energy grid.

One notable case study is from Athens, where the Hyperion Energy Community has set up a collective of prosumers who generate electricity through shared ownership of solar PV plants. The key aspect of this initiative is virtual net metering, which allows members of the energy community to receive credits for the power produced by solar arrays located far from their homes.

This collective production system enables urban residents, who lack sufficient rooftop space, to participate in renewable energy generation. The system has been lauded for reducing electricity costs for participants while also contributing to national energy goals.

An article in the European Environment Agency’s home page, describes how prosumers in Barcelona, are using rooftop solar installations and small wind turbines to contribute to the city’s energy grid. The city’s efforts are part of a larger movement to decentralize energy production and increase the use of renewables. As the local government supports these initiatives through regulatory changes and financial incentives, more businesses and households are transitioning into energy producers

Outside of energy, the prosumer model extends into agriculture through urban gardening and community farming. Cities like Detroit and New York have seen a surge in urban farming initiatives where residents grow their own vegetables and fruits, often in previously unused spaces like rooftops or vacant lots. These small-scale agricultural efforts allow people to supplement their diets with homegrown food, reduce reliance on industrial agriculture, and enhance community resilience. Urban gardening, like energy prosumption, often involves sharing resources, such as water and land, within a community.

The rise of the prosumer has been facilitated by advancements in technology, particularly the development of smart grids, Internet of Things (IoT) devices, and AI-based tools. Smart grids enable a two-way flow of electricity and information between producers and consumers, allowing for better coordination and optimization of energy distribution.

Prosumers benefit from real-time data on energy consumption, storage, and production, making it easier to manage their energy output and consumption.

Artificial intelligence plays a crucial role in stabilizing and enhancing these smart grids. AI-driven systems can analyze vast amounts of data, predict fluctuations in energy demand and supply, and even reroute energy when necessary. For instance, predictive analytics allow utility companies to balance intermittent energy sources like wind and solar, which are common among prosumers. By identifying energy surpluses or deficits in real-time, AI systems can reroute energy to where it is most needed, ensuring stability across the grid.

Despite the benefits of becoming a prosumer, there are significant challenges to widespread adoption. One of the primary obstacles is regulatory. Many energy grids and utility companies are still structured around a centralized production model, where energy flows in one direction–from large power plants to consumers. Integrating decentralized energy production, especially from small-scale prosumers, requires significant changes in grid management and regulatory frameworks.

Additionally, financing the initial costs of renewable energy technologies, such as solar panels or battery storage systems, remains a barrier for many potential prosumers. While the long-term savings are substantial, the upfront investment can be prohibitive, particularly for low-income households.

In the agricultural domain, urban gardening faces challenges in terms of land access, soil quality, and water availability. Many urban areas are densely populated, leaving little space for gardens. Furthermore, gardening requires knowledge and resources that not all potential prosumers possess. This is why community-based models, which share knowledge and resources, are essential for urban agriculture to succeed.

Despite the challenges, the prosumer model is gaining traction as governments and utility companies recognize its potential to support sustainability goals. In some regions, regulatory changes have made it easier for prosumers to connect to the grid and receive fair compensation for their contributions. For instance, in Athens, the implementation of virtual net metering has been a game-changer for urban residents who wish to produce renewable energy but lack the physical space for installations(

In agricultural contexts, initiatives like community-supported agriculture (CSA) and urban farming cooperatives are helping to make food prosumption more accessible. By sharing resources and distributing risks, these models allow more people to participate in sustainable food production.

The rise of the prosumer signals a shift in how we think about consumption and production, especially in the fields of energy and food. While challenges remain, such as regulatory barriers and the high initial costs of renewable technologies, successful use cases in cities like Athens and Barcelona demonstrate the potential of the prosumer model to contribute to sustainability goals. As technology advances and regulatory frameworks evolve, the prosumer movement is likely to expand, creating more resilient, decentralized systems for both energy and food production.

MANY automotive pundits predict that in the next 5 to 10 years, electric vehicles (EVs), including hybrids, are poised to have the greatest impact on the Philippine automotive industry, and the country is well-positioned to ride this wave of transformation.

The shift began with hybrid electric vehicles (HEVs), which combine an internal combustion engine with an electric motor to improve fuel efficiency and reduce emissions. Early adoption of hybrids like the Toyota Prius demonstrated the viability of electrification. The introduction of the Nissan LEAF helped bring awareness to battery electric vehicles and companies like BYD exand now, the focus is rapidly shifting toward fully electric vehicles (EVs) and plug-in hybrids (PHEVs).

In the Philippines, the move towards EVs is gaining momentum thanks to the Electric Vehicle Industry Development Act (EVIDA) and Executive Order No. 12, both designed to accelerate the country’s EV adoption. EVIDA, signed into law in 2022, provides a comprehensive framework that encourages the manufacture, promotion, and use of electric vehicles. It mandates government agencies and large corporations to convert a portion of their fleets to electric, while also incentivizing the private sector through tax exemptions, reduced duties on EV imports, and infrastructure development for charging stations.

Additionally, Executive Order No. 12, signed in 2023, further supports this shift by reducing import tariffs on EVs from 30 percent to 0 percent. This executive order makes EVs more affordable for Filipino consumers, providing easier access to electric cars. In particular, it opens the door to a surge of EVs from neighboring countries like China and Vietnam, which are already producing low-cost, high-quality electric vehicles at scale.

Manufacturers from these countries, such as China’s BYD and Vietnam’s VinFast, are already expanding their markets into the Philippines, offering a range of affordable options that could significantly boost local EV sales.

Moreover, the Philippines’ geographic proximity to China and Vietnam ensures a steady supply of EVs, batteries, and components. The increasing presence of charging infrastructure in major cities, as well as the government’s plan to expand the network to more rural areas, further reduces the barriers to EV adoption.

Advances in battery technology, such as solid-state batteries and fast-charging solutions, also play a key role in making EVs more practical for everyday use, addressing concerns like range anxiety.

As the Philippine government continues to push for green energy solutions and more sustainable modes of transportation, the combination of favorable policies, tariff reductions, and easier access to EVs from global manufacturers will drive significant growth in the country’s electric vehicle market. With EVIDA and Executive Order No. 12 in place, the Philippines is poised to significantly expand its EV footprint and become a key player in the Southeast Asian electric vehicle landscape.