The Bank of the Philippine Islands (BPI) is encouraging businesses to avail of green financing that can make businesses both environmentally-friendly and profitable at the same time.
BPI notes that “Green businesses that care about greenhouse gas emissions and the environment can be more profitable than those that care about profits alone.”
BPI’s Sustainable Energy Finance (SEF) program established in 2008 has been championing the reduction of businesses’ carbon footprint on the environment. The Philippine bank has financed projects for businesses involving climate resilience, energy efficiency, and renewable energy.
“Green initiatives not only help the environment, and therefore help protect our investments from the disruptive impact of climate change, they can also improve business profitability. Businesses that make sustainability and climate resilience part of their long-term planning can reap economic benefits,” says Eric Luchangco, Head of Corporate Credit of BPI.
BPI lists the benefits and ways for businesses to go for green financing:
- Energy-efficient initiatives alone can help businesses lower electricity bills by 30 percent or more
- BPI can help identify opportunities for energy savings by determining the appropriate technologies as well as evaluating vendors, suppliers, integrators, and their proposals
- BPI provides free evaluation of project feasibility studies to validate savings and production projections
- The more widely-known energy efficiency innovations include shifting to more efficient lighting (LEDs), air-conditioners and chillers, and machines which consume much less electricity.
“The comprehensive approach here is that the corporate loan with BPI is packaged together with expert technical evaluation of the project design and proposals, validation of estimated savings, electricity production and income projection levels, as well as review of contracts and client education. This combined service ensures that all projects under the BPI Sustainable Energy Finance (SEF) Program are technically feasible, financially viable, compliant to laws and regulations and also meet the green standards set by IFC of the World Bank Group,” said Jo Ann Eala, Head of BPI SEF.
BPI also advocates for compliance to the new Philippine Green Building Code. The BPI media statement directs building developers and owners to verify if the target savings of 20% each in electricity, water, and materials for their green building projects are achieved.
BPI reports its SEF Program activities:
- financed over 300 projects, with around 150 energy-efficiency projects and 150 projects in renewable energy and climate resilience
- financed building retrofits, solar and biogas projects
- financed popular green buildings and tunnel ventilated housing facilities for pigs and chicken
- funded PhP126 billion worth of sustainable energy and climate resilience projects
If you are a company looking to Go Green, CHECK OUT How the Bank of the Philippine Islands can help you with the SEF Program for green financing. TELL US how you intend to go green with your business in the comments section below.
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