Two Philippine Banks- the Bank of the Philippine Islands (BPI) and Security Bank Corporation- have been named inaugural members of the Alliance for Green Commercial Banks, which is an initiative of the International Finance Corporation (IFC), a member of the World Bank Group.

The Alliance’s first cohort is made of 20 commercial banks across 8 different markets, collectively representing about USD 5.6 trillion in assets. It marks a significant step in accelerating the transformation of banks toward sustainable finance and integrating global best practices into emerging markets.

The platform is by invitation only and brings together institutions committed to embedding sustainability into their core strategies while financing the transition to low-carbon, resilient, and inclusive economies. The Alliance promotes green financing across sectors such as renewable energy, energy efficiency, sustainable transport, climate adaptation, nature-based solutions, and the circular economy.

As members, banks gain access to specialized advisory, financing, and peer-to-peer learning, thus helping them scale climate-related solutions in industries- which include energy, transport, agriculture, and urban development.

Other members of the cohort include BNP Paribas, BRED Bank Cambodia, KB PRASAC Bank, Bank of Nanjing, MYbank, Shanghai Pudong Development Bank, Bank Negara Indonesia, Krungsri, TMBThanachart Bank, HDBank, OCB, MSB, VPBank, and several banks from Lao PDR and Vietnam.

“This inaugural cohort reflects the increasing commitment and leadership of commercial banks in green finance,” said Allen Forlemu, IFC Regional Industry Director for Asia Pacific. “The Alliance is more than a network- it is a community of committed institutions working together to transform finance, close the multi-trillion-dollar climate finance gap, and position emerging markets at the forefront of sustainable economic growth.”

The initiative is anchored by the Hong Kong Monetary Authority (HKMA), with Bank of China (Hong Kong), Citi, Crédit Agricole CIB, HSBC, and Standard Chartered serving as cornerstone banks. Knowledge partners such as the CFA Institute, CDP, Convergence Blended Finance, Climate Capital Asia, Renewables Academy (RENAC), and the United Nations Environment Program (UNEP) provide technical expertise and market insights.

Do you think Philippine banks are ready to take a bigger role in financing the country’s transition to a low-carbon and climate-resilient economy?

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