Bankero Federico Tancongco said this move is consistent with the bank’s sustainable finance initiative.
BDO Unibank Inc. announced its plan to diminish its coal exposure in half in the next 10 years as it moves towards sustainable finance. BDO compliance group chief, Bankero Federico Tancongco said during a forum that the bank would carry on with its existing regulation of not lending to new coal-fired power plant capacity, which had been in practice since 2019. BDO aims to lessen its coal exposure to less than two percent of the bank’s total loan portfolio by 2033.
BDO Unibank intends to further push its initiatives to lessen coal exposure and lower greenhouse emissions.