Stronger typhoons, frequent flooding, and prolonged droughts—these are just some of the impacts of climate change that Filipinos lived through in the past few years. In the latest Global Peace Index report, the Philippines ranks first in the list of countries most susceptible to climate change hazards.
To mitigate these effects on our environment, businesses have begun to incorporate their own environmental policies or sustainable practices that are eco-friendly and yet financially viable. Since the 2000s, more and more businesses have become environment-conscious. Sustainability among businesses isn’t just a trend anymore—it’s a growing reality that can’t be ignored.
In response to these realities, Bank of the Philippine Islands (BPI) launched the first sustainable energy finance (SEF) program in the Philippines. SEF is a global initiative that encourages businesses to develop green practices to mitigate the effects of climate change. Going green isn’t just about making a positive impact on the environment, but a way to boost the bottom line as well.
Since green practices require meticulous planning and strategic financing, the BPI SEF program presents financing opportunities for businesses to increase efficiency and productivity levels, and, at the same time, reduce their carbon footprint for the sake of the environment.
In 2008, the World Bank’s International Finance Corporation partnered with BPI to offer the SEF program to Filipino businesses. Since then, the number of energy projects successfully funded under SEF has continued to rise.
BPI is the market leader in sustainable energy financing in the Philippines. Since its launch, BPI’s SEF program has enabled hundreds of Filipino businesses to implement their own projects involving renewable energy, energy efficiency, and climate resilience.
Through BPI’s dedicated SEF team, big companies and small- to medium-sized enterprises can reduce their operating and energy expenses by more than 30% under the SEF program. BPI conducts free walkthrough audits to analyze a business’ potential energy savings and cost estimates. The bank also offers technical evaluation and advice as well as training to ensure appropriate financing programs for energy projects.
To date, BPI’s SEF has financed over 300 energy projects for various businesses, reducing an estimated 986,135 tons of carbon dioxide equivalent, which translates to 16.3 million tree seedlings grown for 10 years.
Inspiring Green Projects
One of the clients of BPI’s SEF program launched its green building in Cebu - 38th Park Avenue. The BPI SEF Team, together with IFC-trained and accredited consultants, assisted the design team and management in complying with the new Green Building Code as well as meeting the requirements of IFC-World Bank’s EDGE, short for Excellence in Design for Greater Efficiencies, which requires 20% savings in water, energy, and embodied energy in materials. The revised project design saw the realization of 20% savings in the three critical areas without necessarily increasing capital expenditures.
BPI, which marks its 168th year this August, is committed to cultivate lasting partnerships for a more sustainable future. Together with BPI, businesses can boost profitability while making a positive impact on the environment, thus supporting the bank’s vision of “Building a better Philippines”.
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