Rizal Commercial Banking Corp. (RCBC) is making significant progress toward its goal of having no exposure to coal-fired power plants by 2031.
RCBC’s President and CEO, Eugene Acevedo, reaffirmed the bank’s commitment to sustainability during the RCBC Sustainability Forum 2023.
The bank has ceased funding new coal power plant construction since 2020 and plans to completely discontinue involvement in such projects by 2031.
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.
Acevedo also mentioned the bank’s involvement in wind, solar, hydro, and geothermal projects, emphasizing RCBC’s aim to make sustainability accessible to customers and investors.