The Yuchengco group’s Rizal Commercial Banking Corp. (RCBC) has alloted P39 billion in proceeds from the 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’ (UN) Sustainable Development Goals (SDG) and The Paris Agreement.
These types of investments are intended to mitigate the impact of climate change and improve lives.
In its first-ever Green and Sustainability Bonds Impact Report, RCBC stated it had 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 132.5MW 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 330MW 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 to publicly disclose the positive impact of its investments in sustainable activities,” said Jamal Ahmad, RCBC chief Risk officer and head of Risk Management Group.
RCBC also allocated 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 31 December 2019 is seen to positively impact the country through various indicators.