Rizal Commercial Banking Corp. (RCBC) is accelerating its sustainability efforts with a clear goal in mind – to have no involvement with coal-fired power plants by 2031. RCBC’s commitment towards sustainability was recently reinforced by their President and CEO, Eugene Acevedo during the RCBC Sustainability Forum 2023.
To achieve this ambitious target, RCBC has already taken significant strides. Since 2020, the bank has ceased funding new coal power plant construction. Furthermore, the bank plans to completely discontinue any form of involvement with such projects over the next decade.
RCBC’s commitment to sustainability is evident through their extensive support of renewable energy projects. Over the past ten years, the bank has successfully financed more than 3 gigawatts of renewable energy projects. Additionally, RCBC has issued over $1.4 billion in sustainable financing instruments since 2019, generating crucial support for over 8,000 sustainable initiatives.
In his address, Acevedo highlighted RCBC’s contribution in various renewable energy sectors. The bank remains actively involved in wind, solar, hydro, and geothermal projects. By diversifying their investment portfolio, RCBC aims to make sustainability accessible to both their clients and investors alike.
With their pursuit of a coal-free future, RCBC not only reaffirms their dedication to sustainable practices but also recognizes the critical need to transition to cleaner and greener energy sources. By supporting renewable projects and divesting from coal, RCBC sets a remarkable example for other financial institutions to follow.
FAQs
1. What is RCBC’s target regarding coal-fired power plants?
RCBC aims to have no involvement with coal-fired power plants by 2031.
2. Has RCBC already taken steps towards achieving this target?
Yes, RCBC has stopped funding new coal power plant construction since 2020 and plans to completely discontinue involvement by 2031.
3. How has RCBC supported renewable energy projects?
Over the past decade, RCBC has financed more than 3 gigawatts of renewable energy projects and issued $1.4 billion in sustainable financing instruments since 2019, supporting over 8,000 sustainable projects.
4. In what sectors is RCBC involved in renewable energy?
RCBC is actively involved in wind, solar, hydro, and geothermal projects, diversifying their investment portfolio to promote sustainability.
5. What does RCBC’s commitment to sustainability signify?
RCBC’s commitment to sustainability reflects their dedication to cleaner and greener energy sources and sets an example for other financial institutions.
