Rizal Commercial Banking Corp.’s (RCBC) recent forum, titled “Advocating sustainability as a serious business,” shed light on the crucial aspect of achieving a balance between financial priorities and environmentally and socially responsible long-term strategies for businesses transitioning to sustainable operations.
The event took place at RCBC Plaza and was spearheaded by Gabby Tomas, RCBC’s chief risk officer, and Beth Coronel, RCBC’s executive vice president and head of Corporate Banking.
The panel discussion also featured the insights of Glenda Anisco-Niño, partner for Financial Services Office Assurance, Climate Change, and Sustainability at SyCip, Gorres, Velayo & Co., as well as Leonido Pulido, former assistant secretary of the Department of Energy.
RCBC, a prominent member of the Yuchengco Group of Companies (YGC), emphasized its unwavering commitment to bridging the gap between financial profitability and responsible social and environmental practices, aligning with the global imperative for sustainable business operations.
Eugene Acevedo, RCBC’s president and chief operating officer, highlighted the bank’s pioneering decision in 2020 to cease financing coal-fired power plants.
Furthermore, Acevedo noted RCBC’s substantial support for renewable energy projects, with investments totaling 3 Gigawatts over the past decade.
RCBC has been at the forefront of incorporating an Environmental and Social Management System (ESMS) into its lending process since 2011.
In 2019, the bank introduced its Sustainable Finance Framework, enabling the refinancing of loans for projects with environmental and social considerations.
RCBC achieves this by issuing debt instruments such as green bonds, sustainability bonds, and green time deposits, further demonstrating its commitment to sustainable practices in the financial sector.