Rizal Commercial Banking Corporation (RCBC) has announced plans to phase out existing financial support for the construction of coal-fired power plants in the Philippines by 2031.
RCBC is also expected to finalise funding agreements for the development of 1.6 GW of renewable energy (RE) projects. This is in addition to the 3.06 GW of RE projects the bank has sponsored since 2012. These new RE transactions, which comprise solar, wind, hydro power, and geothermal projects, are expected to conclude over the next 12 to 24 months.