MANILA — Philippine banks are still bankrolling coal projects despite the country’s climate change problems and a pandemic that has cut energy use, according to the civil society and church-led Withdraw from Coal (WFC).
In a statement Thursday, WFC said that based on their Coal Divestment Scorecard, overall funding by local banks for coal projects in the country remains on an upward trend.
“Philippine banks would do well to use the rest of 2021 to enforce tipping points that will shift the landscape out of coal’s favor completely,” said the WFC.
“Policy pronouncements and disclosures from the banks on withdrawing support to coal developers and projects, if made immediately with…
Keep on reading: Banks still sustain coal financing despite climate change problems, says group