Security Bank Corp. said Monday it is collaborating with the International Finance Corp. (IFC), the private sector arm of the World Bank, to strengthen its sustainability and green financing capabilities.
Under the agreement, IFC will work with Security Bank to establish a baseline for climate finance, enhance sustainable finance business development capabilities and improve its climate risk management system.
The project is part of IFC’s 30 by 30 Zero initiative in the Philippines, which aims to help financial institutions to scale-up climate-friendly projects.
“Security Bank has set some ambitious goals as it accelerates its sustainability journey, and we’re excited to be coming onboard as advisors at this critical juncture,” said Jean-Marc Arbogast, IFC country manager for the Philippines.
“From defining their climate strategy to helping identify green financing opportunities, IFC is committed to helping Security Bank see through its green transformation,” Arbogast said.
The bank’s investment banking arm, SB Capital Investment Corp., previously helped finance ACEN Corp.’s P10-billion ASEAN Green Fixed Rate Bonds, which won the Renewable Energy Financing Program-Philippines award at the ESG Business Awards.
The bank also launched last month its new Wave Mastercard—the first local credit card made from 100-percent recycled PVC as certified by the ICMA Ecolabel Standard.