Does the greening of banks impact the logics of sustainable financing? The case of bank lending to merchant renewable energy projects in the Philippines

Q1 Social Sciences Global Transitions Pub Date : 2021-01-01 DOI:10.1016/j.glt.2021.12.001
Varsolo Sunio , Jaime Mendejar , Justin Reginald Nery
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引用次数: 6

Abstract

As the Philippines pursues its mission of decarbonization in the energy sector by 2030, a target which aims to achieve a 35% share of renewable energy (RE) in the country's power generation mix, the broad participation of merchant plant developers and banks is crucial. Developers of merchant plants can generate supply of renewable energy, while banks can provide the financing. Nonetheless, banks traditionally do not lend to fully merchant plants, particularly by small proponents who have no implicit guarantor. In recent years, as more banks embed sustainability principles in their corporate philosophy, the question arises on whether this trend has also impacted the bank lending logics, especially with respect to how banks evaluate the risk-return profiles of RE projects, including pure merchant plants by small developers. Using qualitative research methods, we collected data through interviews and desk research from six banks in the Philippines (private and government-controlled, as well as universal and rural). To unpack the lending logics of banks, we presented ten credit enhancement options for the banks to appraise. We found that government-controlled banks, partly due to their mandate in supporting national development, have more appetite towards small merchant plants, unlike private banks, despite the latter's aggressive pursuit of sustainability targets. In the end, a fundamental gap between private banks and merchant plants remains. Since addressing it is crucial for the Philippines to achieve its mission of energy decarbonization, we end with some recommendations on how this gap may be bridged.

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银行的绿色化是否影响了可持续融资的逻辑?菲律宾银行向商业可再生能源项目提供贷款的案例
随着菲律宾到2030年实现能源部门脱碳的目标,即可再生能源在该国发电结构中的份额达到35%,商业工厂开发商和银行的广泛参与至关重要。商业发电厂的开发商可以提供可再生能源,而银行可以提供融资。尽管如此,银行传统上不会向完全商业化的工厂放贷,尤其是那些没有隐性担保人的小支持者。近年来,随着越来越多的银行将可持续性原则纳入其企业理念,问题是这种趋势是否也影响了银行的贷款逻辑,特别是银行如何评估可再生能源项目的风险回报情况,包括小型开发商的纯商业工厂。采用定性研究方法,我们通过访谈和桌面研究收集了菲律宾六家银行(私营和政府控制的银行,以及通用和农村银行)的数据。为了揭示银行的贷款逻辑,我们提出了10个信用增强方案供银行评估。我们发现,与私人银行不同,政府控制的银行对小型商业工厂更有兴趣,部分原因是它们肩负着支持国家发展的使命,尽管后者积极追求可持续性目标。最后,私人银行和商业银行之间的根本差距依然存在。由于解决这一问题对菲律宾实现其能源脱碳使命至关重要,我们最后就如何弥合这一差距提出了一些建议。
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来源期刊
Global Transitions
Global Transitions Social Sciences-Development
CiteScore
18.90
自引率
0.00%
发文量
1
审稿时长
20 weeks
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