Rizal Commercial Banking Corp. (RCBC) continues to ramp up sustainable financing, setting aside approximately P69 billion as of end-November last year, its CEO said.
Bankero, RCBC president and CEO Eugene Acevedo said that 75 percent of the total portfolio finances green projects, with the remaining 25 percent funding social projects.
“Our lending to green projects is mostly for renewable energy development,” Acevedo said.
The bank is aiming to help finance 12 additional renewable energy projects with a combined capacity of 1.6 gigawatts, the CEO added
Moreover, according to the CEO, the bank stopped funding new coal energy projects as early as December 2020.
“Our P39 billion coal exposure (as of end-Nov 2022) will gradually taper off until full maturity in 2031. This is aligned with the bank’s announcement in December 2020 to cease funding of the construction of new coal power plants in the Philippines,” Acevedo said.
RCBC remains dedicated to ceasing funding for new coal power plants in line with the Department of Energy’s countrywide moratorium.
Through its Environmental and Social Management System (ESMS), the bank has been working with customers to integrate environmental, social, and governance (ESG) best practices into their operations.
RCBC’s ESMS was implemented in 2011, several years ahead of the issuance of the BSPs regulatory framework.