'Green Buildings' pushed in rapidly urbanizing Philippines

The International Finance Corporation aims to lessen the environmental impact of buildings in the Philippines, as the country experiences rapid urbanization. 

The IFC, a sister institution of the World Bank, estimates that in the Philippines, buildings use 36 percent of the country's electricity and are responsible for 25 percent of greenhouse gas emissions. 

Buildings need to consume less energy and water, while also reducing the solid waste and ensuring indoor environmental quality, according to IFC. 

By 2020, IFC hopes that its Green Building project will reduce the energy consumption of buildings by 920,000 megawatt-hours, cut the equivalent of 440,000 tons of carbon dioxide emissions and result in savings of at least $200 million.