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June 19, 2024

RCBC to reduce exposure to coal-fired power plants to zero by 2031

Yuchengco-owned Rizal Commercial Banking Corp. (RCBC) headed by bankero Eugene Acevedo aims to have a zero exposure on coal-fired power projects by 2031.

Beth Coronel, head of the consumer banking group at RCBC, said the listed bank has a remaining exposure of around P42 billion to coal-fired power plants.

“We expect to zero that out in nine years, specifically 2031,” Coronel said in a virtual press conference.

The Yuchengco-led bank has been gradually shifting its project funding to non-coal such as renewable energy.

In 2020, the Department of Energy (DOE) issued a moratorium on new coal plants as it recognized the need for the country to shift to a more flexible power supply mix.