MANILA, Philippines — Yuchengco-led Rizal Commercial Banking Corp. (RCBC) continues to boost funding for environment-related programs and social development projects that support the country’s commitment to United Nations (UN) Sustainable Development Goals (SDGs) and the Paris Agreement.
Jamal Ahmad, chief risk officer and head of risk management group at RCBC, said the net proceeds from the bank’s issuance of Green and Sustainability Bonds amounting to P39 billion last year were invested in green projects to mitigate the impact of climate change and improve lives.
“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,” he said.
In its first-ever Green and Sustainability Bonds Impact Report, Ahmad said RCBC 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.
RCBC 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 country’s ninth largest bank was also the sole lender to AC Energy and BIM Group with a $232 million project financing for a 330 mega-watts (MW) solar power plant in Vietnam.
The bank also earmarked P9.2 billion to fund 9,347 eligible social loans that address access to essential services, socioeconomic advancement and empowerment, employment generation, and affordable housing.
RCBC’s P51.7-billion eligible sustainable portfolio as of end-December is seen to positively impact the country through various indicators.
These include 2,879 MW of capacity to generate 11.63 million MWh of renewable energy per year, 380.9 million cubic meters of water supplied per year to serve 998,225 billed service connection households, 8,650 affordable houses financed, and P15.67 billion in loans given to underserved individuals, among other benefits in the transport, healthcare, and academic sectors.