Yuchengco-led Rizal Commercial Banking Corp. (RCBC) is preparing a set of renewable energy (RE) projects it will be funding in the next two years as part of its sustainable financing initiative.
“We are working on a pipeline of various renewable energy projects of up to 1.6 gigawatts in capacity,” RCBC Corporate Banking Group head Elizabeth Coronel said at a virtual forum on Wednesday.
Coronel said the bank intends to finance “mostly solar” projects, which will comprise 70% of its 1.6-gigawatt capacity target.
In 2019, RCBC established its green finance framework, providing the basis for future issuances of green bonds and loans.
The bank intends to use the proceeds from any green financing for a portfolio of green eligible projects relating to renewable energy, green buildings, clean transportation, energy efficiency, and pollution prevention and control.
As of end-September 2021, about 11% or P62 billion of RCBC’s loan portfolio was eligible under sustainable financing, of which P45 billion financed renewable energy projects and another P17 billion were for social projects.
“We continuously grow our portfolio as we intend to further support the greening our country,” Coronel said.
“The time to move is now, if we do not do anything it will only get worse… We all feel the adverse effects of climate change. It is time to work on meeting our needs without compromising the ability of future generations to meet their own needs that is what sustainability is,” she added.
In 2020, RCBC announced it would no longer finance coal energy projects.
In 2019, RCBC allocated P39 billion — the net proceeds from its issuance of Green and Sustainability Bonds — to environment-related and social development projects.
It channeled P29.8 billion to 17 eligible green projects covering renewable energy, energy efficiency, clean transportation, and sustainable water management. — VBL, GMA News
RCBC working on RE projects of up to 1.6GW capacity
Source: News Panda Philippines
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