November 7, 2023
In a groundbreaking move towards a sustainable future, BDO Unibank has reaffirmed its commitment to supporting the transition to reduced carbon emissions at the Unlocking Capital for Sustainability (UCFS) 2023 Forum. Atty. Federico Tancongco, Senior Vice President and Chief Compliance Officer of BDO Unibank, expressed the bank’s dedication to facilitating its customers’ journey towards environmentally responsible practices.
The financial giant aims to empower businesses by providing them with access to capital, enabling them to invest in innovative technologies or adapt their operations to embrace renewable energy alternatives. Furthermore, BDO is extending its support to communities adversely affected by the transition to a low-carbon economy, ensuring that the benefits of sustainable practices are inclusive and widespread.
BDO’s Sustainable Finance initiatives have been pivotal in funding both new and existing renewable energy projects. Since 2010, the bank has been a key player in financing 55 diverse projects, including wind, solar, geothermal, hydro, and biomass energy sources, contributing to a total installed renewable energy capacity of 2,230 megawatts nationwide. This signifies BDO’s commitment to driving positive change in the energy sector.
One notable achievement in BDO’s sustainable finance journey was the successful raising of P52.7 billion (US$927 million) in peso-denominated fixed-rate ASEAN sustainability bonds in 2022. This impressive amount, more than 10 times the original offer, demonstrates the robust demand from both retail and institutional investors for environmentally responsible investment opportunities. Atty. Tancongco highlighted the bank’s proactive approach, actively engaging with project proponents and emphasizing renewable energy as a priority sector for financing.
BDO’s Energy Transition Finance Statement, unveiled last year, serves as a testament to the bank’s unwavering dedication to financing the shift towards a low-carbon, environmentally responsible, and socially inclusive economy. This commitment aligns with the goals set forth in the 2015 Paris Agreement and the Philippines’ nationally determined contribution, which aims to slash 75% of the country’s greenhouse gas emissions by 2030.
As a pioneer in sustainable finance within the Philippines, BDO Unibank stands as a beacon of change in the financial sector. The institution is not only reducing its own carbon footprint but is also empowering businesses and communities to embrace affordable, reliable, sustainable, and clean energy solutions. Through these initiatives, BDO is playing a crucial role in steering the country towards a greener and more sustainable future, echoing the global call for responsible environmental stewardship.