In a statement to the media, Security Bank noted that it will exit coal project financing by 2033 so it can contribute to the global goal “to cut greenhouse gas emissions and limit global warming for a more sustainable future.”
Security Bank announced that it will no longer extend financing to coal-fired power facilities in its bid to align its project funding strategy to the goals of the Paris Agreement and the climate change diplomacy based of the 26th Conference of the Parties on abating climate change risks.
It emphasized that “the bank will provide these clients with support, both from a lending and capital market perspective.” The bank’s self-designed ESRMS casts “the policies and enhanced due diligence required for identifying, addressing, and mitigating environmental and social risks in operations, lending and investing practices, and supply chain.”
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