Chinabank (CBC) today announced a major milestone in its sustainability journey: its head office in Makati City and Binondo Business Center in Manila are now powered entirely by renewable energy.
Proposed perspective of Chinabank’s Makati office
Since November 26, 2024, the bank has been receiving electricity from ACEN Renewable Energy Solutions (ACEN RES), sourced from a diverse portfolio of solar, wind, and geothermal sources.
This significant shift is expected to have a substantial environmental impact, reducing Chinabank’s indirect Greenhouse Gas (GHG) emissions by nearly 20%, or approximately 3,300 metric tonnes of CO2 equivalent.
This move not only aligns with the bank’s commitment to sustainability but also contributes significantly to the Philippines’ broader goal of transitioning away from reliance on imported energy.
“As part of our sustainability initiatives, it is crucial that we consider the environmental impact of our operations and actions,” emphasized Romy Uyan, President and Chief Executive Officer of Chinabank.
“This switch marks a significant milestone in CBC’s journey towards a more sustainable future. By embracing renewable energy, we not only reduce our carbon footprint but also actively contribute to the country’s efforts to enhance energy independence,” he added.
Chinabank’s commitment to environmental responsibility
Facade shot of Chinabank’s Binondo office
This transition follows the bank’s successful entry into a retail supply contract with ACEN RES, a leading provider of renewable energy solutions in the Philippines.
By sourcing its electricity from renewable sources, Chinabank demonstrates its dedication to environmental responsibility and its proactive role in mitigating the impacts of climate change.
This move by Chinabank is a significant step towards a more sustainable banking sector in the Philippines. By embracing renewable energy, the bank sets an example for other financial institutions to follow, encouraging a collective effort to reduce environmental impact and promote a greener future for the country.
According to the company’s website, the bank is poised for further growth following a strong performance in 2024, announcing plans to raise up to P100 billion over the next three years to fuel its expansion and strategic initiatives.
This ambitious fundraising drive comes on the heels of a successful year, with the bank demonstrating impressive financial results in the first three quarters of 2024. This capital infusion will enable Chinabank to capitalize on emerging opportunities, strengthen its market position, and continue delivering value to its shareholders and customers.
Chinabank’s sustainability strategy
Chinabank’s sustainability strategy is rooted in the belief that sustainable development can be achieved through responsible value creation activities that contribute positively to the environment and society while ensuring the company’s and the community’s long-term viability.
The strategy emphasizes five key principles:
- Contribute: To the environment and society through responsible business practices.
- Resilient: Operate under conditions that are sustainable for the company and the community.
- Equitable: Ensure fair and just outcomes for the environment and society.
- Viable: Maintain long-term financial and operational sustainability.
- Manageable: Effectively manage environmental and social risks.
This framework is underpinned by strong corporate governance and robust risk management practices.
The approach
Recognizing its vital role in advancing sustainable development, Chinabank is progressively integrating sustainability principles across its operations. This includes not only managing the environmental impact of its own operations but also making responsible decisions in lending, investing, and the services it offers.
This approach focuses on three key areas:
- Value Creation: Identifying and maximizing opportunities to create value for stakeholders while minimizing negative impacts.
- Contribution: Actively contributing to environmental and social progress through initiatives and partnerships.
- Resilience: Building resilience to environmental, social, and economic risks through proactive adaptation and mitigation strategies.
By embracing these principles and implementing this approach, Chinabank aims to be a leader in sustainable banking in the Philippines and contribute to a more sustainable future for the country.