THE Land Bank of the Philippines bagged the coveted Green Leadership award for its Environmental Due Diligence (EDD) system at the 5th Asia Responsible Entrepreneurship Awards (AREA), in ceremonies held last June 19 at the Banyan Tree Hotel in Macau SAR, China.
The Green Leadership award is given to institutions that “believe in the larger responsibility for recognizing the impact of running their business to the environment and seeks to reduce and reverse the impact”.
“This award is an affirmation of Landbank’s continuing and concerted effort to embed sustainable development and environmental protection in our corporate strategy and business processes,” said Land bank President and CEO Gilda E. Pico.
Under the EDD system, Land bank conducts environmental impact assessment and monitoring as a requirement in financing projects. This was initiated 20 years ago as part of a requirement for World Bank-assisted projects. Ten years later, in 2004, Land bank institutionalized the system, which is now being implemented in 41 lending centers across the country, covering all Land bank-financed projects—regardless of the amount.
Unlike other Philippine banks that implement EDD on a selective basis, Land bank integrated environmental due diligence in its credit delivery operations to ensure that loan clients’ projects comply with environmental laws and regulations.
Land bank also established an Environmental Program and Management Department (EPMD) which conducts the assessments of projects and provides the Bank’s lending units with an Environmental Assessment Report as a guide for the evaluation and approval of loan proposals.
By being a champion of environmental protection, Land bank eventually influenced its clients to be more environmentally conscious. Out of the 472 projects of clients assessed from 2011 to 2014, 83 percent or 391 projects have implemented at least one environmental program or initiative.
In recognition of clients’ efforts in environmental protection and responsible operations, Land bank also gives special awards to clients with outstanding environmental practices.
Various recognitions Prior to the Green Leadership Award, Land bank has also reaped various recognitions from local and international organizations for its EDD implementation.
The EDD system also won other environmental awards for Land bank such as the Sustainable Business Award conferred by the Global Initiatives and Price Waterhouse Cooper Philippines; the Outstanding Business Sustainability Achievement Award from the Global Sustainable Finance Network; the Excellence in Economy and Ecology Award from the Philippine Chamber of Commerce and Industry (PCCI); and the accreditation of three Clean Development Mechanism Program of Activities by the United Nations Framework Convention on Climate Change (UNFCCC).
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