BPI received the distinction of achieving the “Highest Estimated Greenhouse Gas Emissions Mitigated” in the East Asia and Pacific region, reducing an impressive 1,754 thousand tons of carbon dioxide equivalent per year. This marks the first time a Philippine financial institution has received this recognition.
“This recognition from IFC is a testament to BPI’s unwavering commitment to sustainable finance and mitigating climate change,” said TG Limcaoco, president and CEO of BPI. “We are proud to continue to fund projects that deliver measurable environmental benefits for the communities we serve.”
In 2023, BPI secured a $250-million green bond investment from IFC, the largest such transaction IFC has made with a Philippine financial institution. The proceeds funded renewable energy and climate-resilient infrastructure projects across the country, contributing to measurable environmental impacts.
Aligned with IFC’s 30by30 Zero Program, the initiative aims to grow climate-related lending to 30 percent of financial institution portfolios by 2030 while achieving near-zero coal exposure. This partnership underscores the vital role of sustainable finance in addressing climate challenges in the Philippines, one of the world’s most climate-vulnerable nations.
“We are thrilled to present this award to BPI, in recognition of its unwavering commitment to promote investments that will help the country achieve its climate goals,” said Arnaud Dupoizat, IFC financial institutions group manager for East Asia Pacific.
As the Philippines’ green bond market expands, with over $10 billion raised since 2016, BPI continues to set a powerful example of how financial institutions can catalyze the transition to a low-carbon, sustainable economy. —Ed: CSN
