[November 2021, Manila] - The Rizal Commercial Banking Corporation (RCBC) is the first Philippine bank to join the Partnership for Carbon Accounting Financials (PCAF).
As part of its commitment to a sustainable future, the bank pledges to disclose the greenhouse gas (GHG) emissions of its portfolio within three years after joining.
Reducing GHG Emissions
The PCAF is an initiative among financial institutions around the globe that aims to consolidate the assessments and disclosures of GHG emissions financed by investments and loans. It currently has over 150 banks and investors as participants, 20 from the Asia Pacific region.
RCBC President and CEO Eugene S. Acevedo said that “the disclosure of GHG emissions is a decisive step for [RCBC] to understand the climate impact of the businesses that we support. The lower the GHG emissions, the better for the environment.”
Acevedo further explained that this decision will enable the bank to generate baseline data on the GHG emissions of its portfolio. This data will then serve as the basis of RCBC’s targets for its emission reduction and to effectively design a portfolio mix that is low-carbon and climate-resilient.
RCBC’s Commitment to Environmental Protection
The Yuchengo-led bank’s sustainable loans were around ₱58 million by the end of August 2021. It also officially stopped financing coal-fired power projects after first announcing its decision in December last year.
In March 2021, RCBC raised ₱17.87 billion through its fixed-rate, 2.5-year and 5.25-year ASEAN sustainability bonds. The bank will use a portion of the proceeds to fund projects under its sustainable finance initiative.
About Rizal Commercial Banking Corporation
RCBC is an award-winning financial institution in the Philippines, offering a wide range of financial products and services. A member of the Yuchengco Group of Companies, RCBC has a network of 418 branches and 1,375 ATMs nationwide and is engaged in traditional banking, retail financing, and investment banking, among others.
Visit RCBC to learn more about its sustainability initiatives.