BDO Capital & Investment Corp. said there are hurdles to promoting cheaper, safer and more sustainable energy in the Philippines, which include the addition of nuclear power in the energy mix.
“We need the DOE [Department of Energy] and the Congress’ help. The banks are not allowed to look at nuclear energy today as it is not considered as renewable. Nuclear is sustainable, but investing in nuclear is going against our definition of sustainable lending today,” he said during the recently held Philippine Power Plant Energy Summit.
Francisco said the consideration of nuclear as part of sustainable energy could help unlock capital for renewable energy projects. “We want to be ready so that when we need the large financing for these projects, the banks are very much ready to help,” he said.
Francisco expressed support to the Department of Energy’s efforts to increase energy generation and address the ever-increasing demand for electricity and minimize its environmental impact by promoting renewable sources of energy.
He said BDO is committed to working with the energy industry to make the transition to sustainable energy faster and easier. Since 2010, BDO has considered sustainable energy finance as a priority sector in financing, in support of national economic development and energy security.
The bank continues to expand its sustainable finance initiatives towards funding new and existing renewable energy projects to increase their capacity, and contribute to the country’s avoidance of greenhouse gas emissions. Being among the pioneers of promoting renewable energy and energy efficiency financing in the country, BDO is looking for more renewable energy projects to finance.
Heeding DOE’s call to promote investments in sustainable energy, BDO encourages energy stakeholders to work together and consider the bank as partner in equity raising, initial public offering and bonds. BDO also offers project financing and bank lending for the energy sector.