BPI promotes use of renewable energy to keep Filipino businesses resilient

BPI  renewable energy
BPI image.

As part of its mission to build a better and more sustainable future for all, the Bank of the Philippine Islands (BPI) continues to ramp up its efforts to promote sustainability and improve business resiliency across various sectors.

In the second episode of its Business Talks—a webinar series hosted by BPI Sustainable Development Finance—the bank underlined developments in different areas of sustainability, especially the use of renewable energy, to guide its clients on how they can future proof their companies and enable an energy-secured future for their businesses.

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“We have seen that our lives can also be threatened by extreme weather conditions such as what Cebu, Bohol, and Siargao have experienced when they were hit by typhoon Odette. Energy security should be at the forefront not only of the country’s development and resiliency agenda but also of every business,” said Junie Veloso, BPI Corporate Credit Products Group Head.

Engr. Silverio Navarro Jr., BPI’s long-time consultant for renewable energy, shared that the use of renewable energy protects businesses from price hikes of imported fuel during instability and peak demands. He said that it makes sense to invest in renewable energy and battery technologies now, in combination with existing backup solutions, as a cost-effective measure. Engr. Navarro also presented case studies of successful renewable energy utilization to aid in investment decisions.

Sustainable finance

In response to the growing need for creating sustainable businesses, BPI consolidated its Sustainable Development Finance program to accelerate investments in energy efficiency, renewable energy, green building, and sustainable agriculture.

The bank offers free technical consultation services which include the evaluation of project feasibility studies, technical training, validation of energy savings, and production projections before financing. These services ensure that the projects of BPI’s business clients are technically feasible and financially viable.

In March, BPI also reinforced its commitment to responsible banking by embedding Environmental, Social, and Governance (ESG) metrics in all employee performance evaluations. Employees will be aided by specialized and mandatory training on ESG global standards and best practices.

BPI’s bank-wide sustainability mandate, the first such program in the Philippine banking industry, again demonstrates an unwavering dedication to delivering responsible banking to stakeholders, from clients to investors and local communities.

BPI Foundation had earlier partnered with WWF to identify 16 key cities across the Philippines to receive climate change risk assessment.

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The Good News Pilipinas Team is a group of Filipino journalists who advocate putting more good news stories about the Philippines and Filipinos on the media.