MANILA, Philippines - The Bank of the Philippine Islands (BPI) and the International Finance Corp. (IFC) has renewed their “green” partnership with the extension of their Sustainable Energy Finance (SEF) program. It is the third extension since 2008.
The past three years of partnership brought the green financing portfolio beyond the BPI’s expectations.
More importantly, the energy efficiency and renewable energy projects that BPI and IFC financed translated to 142,087 megawatts (MW) of energy saved, 208,206 MW of clean energy produced, and 716,744 tons of carbon emissions reduction.
The renewed partnership strengthens BPI’s Sustainable Energy Finance program with “financing innovations” such as green mortgage, energy performance contracting, and clean development mechanism.
In 2008, BPI and IFC jointly introduced the SEF, the first-of-its-kind program to help businesses be cost-efficient and self-sustaining facilities – all while taking care of the environment. The program served as a launch pad for any probable project where energy is produced, transmitted, delivered, consumed, or stored.
The program is designed for end-users, as well as service and technology providers of energy efficient (EE) and renewable energy (RE) products. The latter includes energy service companies (ESCOs), or any company or individual planning to design, develop or implement relevant projects.
The reality of climate change and environmental degradation is fast catching up with the private sector, fueling the demand for various “green” and sustainable business initiatives. After all, being green adds premium to a business: it increases profitability by reducing operating cost.
Banks are valuable partners for the private sector in this quest for sustainability through provision of financial products and other value – added services, which allow business owners to identify the greening opportunities in their supply chain and regular operations.
Whether it’s a piggery in need of ways to convert biomass into a self-sustaining source of electricity, or a factory trying to minimize waste-disposal costs without harming nearby ecosystems, a “green” bank like BPI makes it easy for businesses to have the right form of assistance.
By creating Eco-savers out of businesses, BPI and the IFC will be able to help more and more companies get out of the red, and into the green.