RE powers Chinabank offices
Chinabank’s main office along Paseo de Roxas Street in Makati City and its business center in Binondo, Manila City can reduce indirect emissions by 3,300 metric tons of carbon dioxide.
CHINABANK officers received ACEN RES’ ‘Powered by Renewable Energy’ seal for the bank’s transformation of two offices into fully renewable energy-run units. They are (from left) Chinabank Institutional Banking Segments account officer Marco Panajon and first vice president Alfredo Manuel Moreno, chief finance officer Patrick Cheng and chief sustainability officer William Quesang; ACEN RES senior vice president for Market Transformation & Retail Tony Valdez, assistant vice president for legal, governance and compliance John Henry Liquete and senior account managers Ann Gabrielle Joseph and Elisah Jacob-Cobato.
PHOTOGRAPH COURTESY OF CHINABANK
Chinabank expects a smaller carbon footprint or 20 percent less emissions from its two fully renewable energy (RE)-powered offices in Makati and Manila.
The buildings are Chinabank’s main office along Paseo de Roxas Street in Makati City and its business center in Binondo, Manila City.
Chinabank said both offices can reduce indirect emissions by 3,300 metric tons of carbon dioxide.
The bank shared this positive environmental impact after it received last 21 January the “Powered by Renewable Energy” seal from ACEN Renewable Energy Solutions (ACEN RES), a part of the Ayala Group.
“This switch marks a significant milestone in Chinabank’s transition to renewable energy as we endeavor to reduce not only our carbon footprint but also contribute towards the country’s transition away from imported energy,” Chinabank president and chief executive officer Romy Uyan said.
Chinabank said it focused on transforming its largest offices first to ensure substantial environmental impact, while exploring more eco-friendly projects to help mitigate climate change.
ACEN RES has been supplying the bank RE since November 2024 through the former’s Green Energy Option Program (GEOP).
GEOP allows firms to switch energy sources to renewables and choose their energy distributor after consuming over 100 kilowatts in the past 12 months. For its power distributor, Chinabank partnered with Meralco. GEOP also grants eco-friendly firms electricity tax incentives.
GEOP complies with the Renewable Energy Act of 2008 which aims to encourage the use of cleaner energy by increasing competition in the electricity sector.
ACEN RES continues to develop renewables and partner with other businesses to help mitigate climate change in the Philippines and overseas, such as Vietnam, Indonesia, India and Australia. ACEN RES has expanded energy capacity to 4,800 megawatts.
Chinabank’s announcement on its RE-powered offices came after it launched its Velvet Visa Signature credit card made of recycled plastic.
Last year, Chinabank was named as one of the World’s Best Companies for 2024 in terms of employee satisfaction, revenue growth and environmental, social and governance performance by TIME magazine.