As part of efforts to cut greenhouse gas emissions and limit global warming, Security Bank Corp. on Friday announced that it will no longer finance new coal-fired power plants in the country.
In a statement, Security Bank said its plan to end funding for coal-fueled projects is in line with the Philippine government’s pledge during the 2021 United Nations Climate Change Conference of the Parties as well as the 2015 Paris climate agreement.
“A key aspect of the ESRMS is our coal policy, which specifies our commitment to discontinue financing the construction of new coal-fueled power generation plants, with a view to exit funding coal generation by 2033,” said Olbes. In 2020, Security Bank’s board approved its Sustainability Framework, which outlines its principles for addressing environmental, social, and governance issues.
Renewable energy sources such as hydro, wind, solar, and geothermal energy make up only 21% of the country’s energy resources, it said.
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