BPI loan portfolio for energy hit P11 billion

Business Mirror

06 Dec 2013 

 

Written by Genivi Factao

THE Bank of the Philippine Islands (BPI) on Friday reported having funded P11 billion worth of energy programs with explicit support from the International Finance Corp. (IFC), the private investment arm of the World Bank.

BPI, along with many other local lenders, earlier committed to support the IFC’s sustainable energy finance (SEF) program, which has already helped more than 100 energy efficiency and renewable-energy projects across the country.

As a result, the United Nations Framework Convention on Climate Change (UNFCCC) recognized IFC’s outstanding SEF program in the Philippines in award ceremonies in Warsaw, Poland, on November 21.

The Philippines and five other countries were recognized for  successful financial innovations supporting investments in climate-change adaptation and mitigation.

The country’s SEF program has helped client-banks identify and develop energy efficiency and renewable-energy projects that BPI subsequently financed.

BPI’s pioneering partnership with IFC also led other banks, like BDO, China Bank and BPI Globe BanKO, to do sustainable energy financing programs of their own. The program is supported by the Global Environment Facility and the Clean Technology Fund.

BPI’s SEF program also won in the G-20 SME Finance Challenge Award in 2010, which provided the bank a $1.2-million grant to scale up its SEF and help provide SME’s with greater access to financing sustainable energy projects.

UNFCCC has selected 17 inspiring projects at the 2013 Lighthouse Activities under the Momentum for Change Initiative.

Momentum for Change aspires to inform, inspire and empower stakeholders, including governments, the business sector and civil society, to increase their level of action on climate change.

UNFCCC Executive Secretary Christiana Figueres said the 2013 Lighthouse Activities are true beacons of hope, demonstrating what happens when innovation and passion come together to address the biggest challenge of our time.

“There are thousands of examples of people taking action to address climate change all over the world.  The Lighthouse Activities highlight some of the most practical, scalable and replicable examples of what people, businesses, governments and industries are doing to tackle climate change, which I hope will inspire others to do the same,” she added.   source