The Rizal Commercial Banking Corporation (RCBC) has created risk assessment tools that meticulously track the vulnerabilities of its employees, its assets as well as clients from escalating threats posed by climate-related disasters.
The risk assessment tools mitigate the impacts of climate change by monitoring key locations and assets in high-risk areas.
During a climate change forum organized by the Yuchengco Group of Companies, RCBC chief risk officer Gabby Tomas said the bank utilizes advanced risk assessment tools to create risk dashboards that meticulously track the vulnerabilities of over 5,700 employees and 441 premises and offices across the country.
This initiative allows the bank to preemptively position its disaster recovery and emergency response teams in areas most susceptible to risks such as flooding, earthquakes, and volcanic activity.
Tomas then highlighted the importance of data-driven decision-making in the bank’s climate risk management strategy.
“We use data extensively to guide our mitigation and adaptation measures. By leveraging tools like Project NOAH [Nationwide Operational Assessment of Hazards], we have been able to map out risks and take decisive actions to protect our people, our premises, and our clients,” Tomas added.
NOAH is the country’s primary disaster risk reduction and management program managed by the University of the Philippines (UP). It was created by the Department of Science and Technology (DOST) in 2012 before turning over to UP in 2017.
Earlier, RCBC president and chief executive officer Eugene Acevedo emphasized that climate-related catastrophes are not possibilities “but imminent realities that must be confronted with urgency.”
The bank has been a pioneer in sustainable finance, having funded three gigawatts of renewable energy projects over the last decade.
“Our sustainable portfolio, which comprises 35 percent of eligible assets, has avoided over 361,000 tons of CO2 equivalent emissions,” Acevedo added.
RCBC is the first Philippine bank to sign the Partnership for Carbon Accounting Financials (PCAF), enabling it to measure the greenhouse gas emissions of its loan portfolios and set actionable targets for achieving carbon neutrality.
In 2020, RCBC became the first bank in the Philippines to declare that it will no longer fund coal-fired power plants.
