BDO Unibank Inc. (BDO) headed by bankero Nestor Tan has recently received an updated accreditation on its Sustainable Finance Framework (SFF) from New York-based Sustainalytics.
The update pertains to the expansion of SFF eligible categories to include blue projects aligned with current market standards, following BDO’s issuance of its maiden $100 million blue bond earlier this month through an investment from the International Finance Corp. (IFC) of the World Bank.
“BDO is adequately positioned to issue sustainability bonds and that the Framework is robust, transparent and in alignment with the four core components of the Green Bond Principles (2021), Social Bond Principles (2021), Green Loan Principles (2021) and the ASEAN Sustainability Bond Standards (2018),” Sustainalytics said.
The leading independent environmental, social, and governance (ESG) research and ratings provider said the expanded SFF includes eligible blue categories such as sustainable water and waste water management, and offshore renewable energy.
These are in addition to green categories that include among others, renewable energy, green buildings, clean transportation, as well as social categories that include employment generation and food security.
According to Sustainalytics, the expanded SFF strengthens the BDO’s support for targeted and responsible projects seen to facilitate the country’s transition to a low-carbon economy, while advancing socio-economic development in the Philippines.