Loving the earth: BDO raises maiden $150M green bond from IFC
This bank is out to support eco-friendly projects.
BDO Unibank, Inc. said they have issued $150 million in “green” bonds, marking the first lender in the Philippines to pursue climate change mitigation initiatives.
The World Bank’s International Finance Corp. (IFC) stepped in as the sole investor in these notes, which will kickstart financing for environmentally-friendly business proposals through the country’s biggest bank.
“The funds will be used exclusively to finance climate-smart projects including renewable energy, green buildings, and energy-efficient equipment,” BDO said in a statement.
This means that the amount raised by the bank through this issuance will be used to finance loans for eco-friendly projects.
“Climate change is a very real concern in the Philippines… This bond demonstrates our corporate commitment to come up with business solutions to address the challenges of sustainability,” said BDO president and CEO Nestor Tan.
The financing is expected to help save 93,000 tons carbon dioxide emissions per year by 2022.