RCBC allots P39b for environment

Rizal Commercial Banking Corp. said it allocated P39 billion―net proceeds from the bank’s issuance of Green and Sustainability Bonds last year―to environment-related programs and social development projects that support the country’s commitment to United Nations Sustainable Development Goals and The Paris Agreement. 

It said these investments were intended to mitigate the impact of climate change and improve lives, 

RCBC, in its first-ever Green and Sustainability Bonds Impact Report, said it channeled P29.8 billion to fund 17 eligible green projects on renewable energy, energy efficiency, clean transportation and sustainable water management, in its effort to decrease the country’s carbon footprint.

The bank also participated in 12 renewable and energy efficiency financing deals, provided direct financial support to Southeast Asia’s largest solar power plant and largely funded a 132.5-MW solar farm in Cadiz City, Negros Occidental. 

The bank is also the sole lender to AC Energy, BIM Group, with a $232-million project financing for a 330-MW solar power plant in Vietnam.

“The Green and Sustainability Bonds Impact Report is an important milestone for RCBC. It is a first such initiative by a domestic bank in the country to publicly disclose the positive impact of its investments in sustainable activities,” said RCBC chief risk officer Jamal Ahmad.

Topics: Rizal Commercial Banking Corp. , RCBC , Green and Sustainability Bonds , climate change
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