The Philippines’ energy sector had been heavily reliant on fossil fuels and was the largest contributor to national GHG emissions. The Distributed Solar Power project had been embedded in the INDC, which targeted a 70% reduction of GHG emissions by 2030. Barriers had included banks’ reluctance to offer reasonably priced/termed, standardized financing products due to perceived market and technology risks and the perception that the market was too small, particularly outside Manila. The project had aimed to accelerate the penetration of solar power by reducing technology risks, lowering transaction costs, and creating financing options for solar stakeholders. A Financing Support Fund had been intended to reduce perceived financial risk and facilitate the flow of commercial debt to the RE sector, leveraging approximately EUR 75m of private sector funding. The project had been expected to lead to 1.8 Mt CO2e in direct reductions over 25 years and cumulative long-term indirect reductions of 47 Mt CO2e by 2040.