BPI practices sustainable energy financing in own backyard

MANILA, Philippines - The Bank of the Philippine Islands (BPI) has commissioned Cofely Philippines, an energy service company (ESCO), to oversee the upgrade of the air-conditioning system of its 30-year-old head office in Makati.

The upgrade, which involves the change and installation of a new cooling system, is expected to generate annual electricity savings of more than P6 million, and reduce the building’s carbon emissions to up to 300 tons annually.

With the Cofely partnership, BPI will promote the ESCO model of energy management and guarantee in savings among its clients. The ESCO will conduct an investment-grade study of the premises, recommend and select appropriate technologies, and operate the machineries.

BPI officials said that switching to energy efficient equipment is something that should be on top of every business owner’s agenda.

“BPI is dedicated to encouraging our clients to shift to more sustainable business practices which will not only help their businesses thrive but will also be good for the community. Showing our clients that we are willing to make this investment for our own operation is proof of this commitment,” Florendo Maranan, BPI vice president and chief environment officer, said.

A study by the Department of Energy showed that over 60 percent of a commercial building’s electricity bill goes to its heating, ventilation and air conditioning (HVAC) systems. These buildings include schools, offices, malls, business process outsourcing, hotels and recreational facilities.

BPI launched in early 2008 its Sustainable Energy Finance program, which provides customized financing to companies who wish to shift to more energy efficient equipment or to invest in renewable energy technologies. The Sustainable Energy Finance Program is a partnership with the International Finance Corp., a member of the World Bank Group.