Atty. Federico Tancongco, Senior Vice President and Chief Compliance Officer of BDO Unibank, one of the panelists at the Unlocking Capital for Sustainability (UCFS) 2023 Forum, discusses BDO’s role in enabling an equitable transition.
At the recently held Unlocking Capital for Sustainability (UCFS) 2023 Forum, Atty. Federico Tancongco, Senior Vice President and Chief Compliance Officer of BDO Unibank said that BDO will support its customers’ transition to reduced carbon emissions by providing access to capital so they may invest in innovative technologies or adapt their business to renewable energy alternatives. BDO will also provide access to capital to communities negatively affected by the transition to low carbon.
The Bank continues to expand its Sustainable Finance initiatives towards funding new and/or existing renewable energy projects. Since 2010, BDO has financed a mix of 55 renewable energy projects for wind, solar, geothermal, hydro, and biomass energy sources accounting for 2,230 megawatts of total installed renewable energy capacity nationwide. BDO also finances energy efficiency projects and green buildings.
“In 2022, the Bank successfully raised P52.7 billion (US$927 million) in peso-denominated fixed-rate ASEAN sustainability bonds, more than 10 times the original offer of PhP5 billion (US$88 million), due to robust demand from retail and institutional investors. We have always been on the lookout for renewable energy projects and have actively engaged with project proponents who bring their projects to us, since we consider this a priority sector in financing,” added Tancongco.
BDO’s announcement of its Energy Transition Finance Statement last year reinforced the Bank’s commitment to financing the transition to a low-carbon, environmentally responsible and socially inclusive economy. This was in support of the 2015 Paris Agreement and the Philippines’ nationally determined contribution that aims to reduce 75% of the country’s greenhouse gas (GHG) emissions by 2030.
As a pioneer in sustainable finance in the country, BDO is fully committed to reduce carbon footprint and support the country’s transition by providing access to affordable, reliable, sustainable and clean energy.
