Bank of the Philippine Islands to cease coal financing by 2033
BPI aims to stop lending 45% of coal-fired powered projects.
Ayala-led Bank of the Philippine Islands (BPI), under its new president Teodoro Limcaoco, has identified sustainability in its four key priorities along with digitalization, customer services, and consumer banking.
BPI, which celebrates its 170th year anniversary this year, plans to channel more funds to renewable energy projects. The bank aims to stop coal financing by 2033 which currently forms 45% of its current power generation portfolio.
In a press briefing last 2 August, Limcaoco said that while BPI’s original commitment was to halve coal financing by 2026 and go down to zero by 2037, in line with the Paris accord to decarbonize, it was possible to totally phase out all remaining coal lending by 2033.
Further, the Philippine Daily Inquirer reported that the country still relies on coal for 58% of its energy needs, while renewables account for 21%, same as the ratio for gas, which is still seen as necessary during the world’s transition to a net-zero carbon future.