RIZAL Commercial Banking Corp. announced last Wednesday it is set to zero out its remaining existing exposure on coal-fired power plants by 2031.
“As part of RCBC’s commitment to the environment and to the world we all live in, we are phasing out lending to coal-fired power plants by 2031,” RCBC President and CEO Eugene S. Acevedo said. In December 2020, RCBC became the first local commercial bank to officially end extending financing to new coal-fired power projects, following the Department of Energy’s imposition of a nationwide moratorium on coal.
Currently, RCBC is poised to close funding deals on renewable energy projects with a combined capacity of 1.6 gigawatts . This is on top of the 3.06-GW worth of renewable energy projects that the company has already supported since 2012.