DBP bags international award on green financing

State-owned Development Bank of the Philippines (DBP) was awarded the prestigious Karlsruhe Sustainable Finance Award for its success in water and forest financing projects at the 2015 Global Sustainable Finance Conference held in Karlsruhe, Germany, on June 11 and 12.

DBP won in the Outstanding Sustainable Project Financing category, highlighting the bank’s strong leadership in sustainable development financing. This marks DBP’s second recognition from the Global Sustainable Finance Network (GSFN) for its contribution to the field of sustainable finance.

DBP’s winning entries included the P1.1-billion Cebu Bulk Water Supply Project that will produce 35 million liters of water daily to homes in central and northern Cebu; and the Palawan State University Forest project, which is a beneficiary of the DBP Forest Program that aims to improve the environment of covered communities to create livelihood opportunities in rural settlements.

While presenting the award, Arshad Rab, CEO of the European Organization for Sustainable Development said: “We congratulate the management and staff of the DBP for receiving this year’s Karlsruhe Sustainable Finance Awards.

This award recognizes the exceptional achievement of DBP in sustainable project financing. We join the team of DBP in celebrating their well-deserved success.”

The Karlsruhe Sustainable Finance Award is a reputable prize given to financial institutions and organizations with outstanding contributions in the field of sustainable finance and which embeds economic, social and environmental sustainability into their businesses and promotes growth of green financing instruments and markets worldwide.

The awards were jointly instituted by the European Organization for Sustainable Development, the City of Karlsruhe and the Association of Development Financing Institutions in Asia and the Pacific.

In 2013 DBP was also conferred the certificate of merit for its entry, the Philippine Water Revolving Fund.