Rizal Commercial Banking Corp. (RCBC) is steadily making headway in its determined endeavor to eliminate exposure to coal-fired power projects from its portfolio by 2031. This resolute commitment to sustainability was reaffirmed by RCBC's President and CEO, Eugene Acevedo, during the recent RCBC Sustainability Forum 2023.
The bank has been resolute in its stance against financing new coal power plant constructions since 2020, and it is steadfastly working towards a complete cessation of involvement in such ventures by the year 2031.
In the past decade, RCBC has played a pivotal role in financing more than 3 gigawatts of renewable energy initiatives. Since 2019, the bank has also issued sustainable financing instruments amounting to $1.4 billion, offering support to an impressive array of over 8,000 sustainable projects.
Acevedo highlighted the bank's active participation in various sustainable energy sectors, including wind, solar, hydro, and geothermal projects.