After publicly announcing its decision to discontinue funding the construction of new coal power plants in the country last 2020, Rizal Commercial Banking Corp. (RCBC) is still eyeing its goal of having zero exposure to coal-fired power plants by 2031.
RCBC President and CEO Eugene Acevedo highlighted the bank’s commitment to sustainability, emphasizing their early adoption of environmental and social management systems in 2011.
“For more than 10 years now, we have been embracing sustainability as part of our lending strategy and operations when we established our own environmental and social management system in 2011,” said Acevedo
The chief executive added that they are the first bank to declare its disinterest in investing in coal-fired power plants, and to cease all involvement in such projects by 2031.
Over the past decade, the bank has financed more than 3 gigawatts of renewable energy projects and has issued USD 1.4 billion worth of sustainable financing instruments since 2019, refinancing over 8,000 sustainable projects since 2019.
“We even have some hydro and geothermal, as well. Wind is no longer simple wind. We’re doing offshore wind,” Acevedo added.
RCBC is dedicated to making sustainability accessible to its customers and investors and is one of the banks that supported Bangko Sentral ng Pilipinas’ call for financial institutions to facilitate environmentally and socially responsible business decisions.
