RCBC Increases Focus on Renewable Energy Loans Over Coal

Rizal Commercial Banking Corp. (RCBC) reported that its renewable energy (RE) loan portfolio has surpassed its coal loan exposure for the first time, driven by substantial growth in sustainable financing.

The bank's RE loans increased by 80 percent year-on-year to around P52.7 billion by the end of 2024, up from P28 billion in 2023, according to RCBC's statement.

As of March 2025, renewable energy projects made up 44 percent of the bank's sustainable finance portfolio.

RCBC's chief sustainability officer Armi Lamberte stated, \"For the first time, our renewable energy portfolio has exceeded the coal portfolio. The consistent decrease in coal exposure demonstrates our ongoing shift towards sustainable investments.\"

In 2020, RCBC pledged to cease funding new coal power plant projects and to eliminate coal financing completely by 2031. Since then, the bank has focused on lending to renewable energy projects.

By the end of 2024, RCBC had supported 22 RE projects, up from 14 the previous year. These projects include wind, solar, geothermal, and hydroelectric ventures with a total capacity exceeding 2,000 megawatts.

In June, RCBC provided P498 million in funding for San Jose Green Energy Corp.'s (SJGEC) 19.6-megawatt solar power project in Nueva Ecija province.

SJGEC is affiliated with Rizal Green Energy Corp., a collaboration between Yuchengco-owned PetroGreen Energy Corp. (PGEC) and Japanese contractor Taisei Corp.

The government aims to raise the proportion of renewable energy in the country's power generation mix to 35 percent within the next five years, up from the current 22 percent.

According to the source: Manila Standard.