Tara Climate Foundation
Exit Signals - Engaging top PH banks for potential coal plant retirement transactions
Background of the Project/ Challenge
CSV was engaged by TARA to directly engage top Philippine universal banks with the view of starting discussions on potential coal plant retirement discussions to align with existing no coal/ green policies.
What We Did
CSV conducted the following workstreams:
- Develop high-level “energy transition instrument” (ETI) framework for banks
- Strategic discussions with banks on relevant policy and strategic requirements for an ETI
- Assessment and workplan development for offloading coal and ramping renewables through an ETI
In starting discussions, existing laws and policies, latest banking practices, and global trends in lending to coal plant projects including requirements of multilateral development banks. During discussions, CSV understood Philippine universal bank considerations and pain points in maintaining existing and new loans to coal plants – noting these banks’ scale and commitments to its existing ESG frameworks and applicable laws and regulations. CSV also engaged in discussions with existing prominent power generating companies to similar issues and appetite for a future coal plant retirement discussion.
Outcome
- After completion of the engagement, ACEN Corporation and the Bank of the Philippine Islands came out with their first energy transition mechanism aligned with Asian Development Bank’s Energy Transition Mechanism.
- Both organizations were part of CSV’s sample pool.
Testimonials
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Position or Career
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Firstname Lastname
Position or Career
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