Bank funding for renewables exceeds coal, gas in past 3 years – report

MANILA, Philippines – Total renewables financing from Philippine banks is now twice than that of fossil fuels, a report by policy think-tank Center for Energy, Ecology, and Development (CEED) found.

From 2009 to 2020, local banks funded $4.3 billion for the renewable industry. But after the coal moratorium in 2020, financing drastically increased in just a span of three years, amounting to $3.7 billion.

This is more than double of what the coal industry got from local banks in the same period...