Banks want policy in funding nuclear projects

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BDO Capital & Investment Corporation expressed concerns about promoting risk-free, affordable, and more sustainable energy in the Philippines, including the entrance of nuclear power into the energy mix. 

In a report by the Manila Standard, BDO Capital president Eduardo Francisco is asking for support from the Department of Energy (DOE) and Congress as banks cannot consider nuclear energy since it’s not renewable, and investing in them would go against their definition of “sustainable lending.”

Francisco added that considering nuclear as part of sustainable energy could also help open capital for renewable energy (RE) projects. He stressed that the banks want to be ready to help if large financing for these projects is needed. 

BDO earlier expressed interest in financing nuclear power projects, along with renewable energy ones. 

The financial institution voiced its solidarity with the DOE in its effort to increase the generation of electricity and address its demands by promoting RE to also lessen the environmental impact. 

In an effort to increase the capacity of new and existing RE projects and help the nation reduce its greenhouse gas emissions, BDO is actively extending its sustainable finance programs. 

In 2022, BDO announced that it would be cutting its coal exposure by as much as 50% in the next decade as it shifts its funding to renewable energy projects.