A number of Philippine banks have provided nearly $1.8 billion in financial assistance to coal and gas-fired power projects, the latest report of energy advocacy and bank watchdog group Withdraw from Coal: End Fossil Fuels (WFC-ECC) revealed.
A number of Philippine banks have provided nearly $1.8 billion in financial assistance to coal and gas-fired power projects, the latest report of energy advocacy and bank watchdog group Withdraw from Coal: End Fossil Fuels revealed.
Meanwhile, financing for the expansion of new fossil gas projects registered $930 million for this scorecard period, the report, which was released on Tuesday, stated. The group noted that financing for fossil-fuel power projects have shifted from loans to bonds from 2020 up to the first quarter of 2023. Center for Energy, Ecology and Development Deputy Executive Director Avril de Torres said “banks must realize that every time they underwrite or facilitate a toxic bond, they have a direct hand in the worsening impacts of the climate crisis.”
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