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 towards sustainable growth and environmental protection.
As a PCAF participant, RCBC commits to disclose the greenhouse gas (GHG) emissions of its portfolio within three years from joining the organization. PCAF is an initiative among financial institutions worldwide to enable harmonized assessments and disclosures of GHG emissions financed by loans and investments.
“The disclosure of GHG emissions is a decisive step for us to understand the climate impact of the businesses that we support. The lower the GHG emissions, the better for the environment,” said RCBC President and CEO Eugene S. Acevedo.
“This complements our goal to make a positive contribution to society by offering less financing to environmentally harmful enterprises and increasing support for cleaner businesses with less GHG emissions,” Acevedo further said.
RCBC’s participation in PCAF connects the bank to a global network of 150+ financial institutions that are practicing a uniform standard of reporting financed GHG emissions. By being a PCAF participant and committing to measure and disclose its financed emissions, the bank also contributes toward achieving the objectives of the Paris Agreement.
In December last year, RCBC declared that it will no longer finance coal-fired power projects, making it one of the first few banks in the Philippines to formally turn its back on environmentally adverse projects. RCBC also committed to financing renewable energy projects in the country, in line with its Sustainable Finance Framework and in support of the government’s move toward cleaner energy.
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