Decreasing cost of renewable technology boosts demand for green financing: ANZ

Cathy Yang, ABS-CBN News

Posted at May 02 2019 05:49 PM

An ANZ bank logo is pictured in Sydney, Australia April 23, 2018. Edgar Su/Global Business Week Ahead/Reuters

NADI, Fiji - Interest in sustainable and green financing has "accelerated" as the costs of renewable technologies started decreasing over the years, the managing director of ANZ said Thursday. 

Awareness in the benefits of lower carbon economy has also drawn interest to financing for renewable projects, ANZ managing director for Loans and Specialized Finance Christina Tonkin told ANC. 

ANZ, for example, expanded its renewable financing target by 2020 to $15 billion from the original $10 billion set in 2015, Tonkin said. 

"I think definitely faster than it originally planned. That is evidenced by the fact that we started off with $10 billion target and then increased that to $15 billion which was to be by Sept. 2020 and here we are March 2019 at $14.5 billion," Tonkin told ANC on the sidelines of Asian Development Bank's 52nd annual meeting. 

"Interest in financing renewable projects, it’s very much fair to say it accelerated post-2015 partially due to decreasing cost of deploying that kind of technology in projects right across the region," she added.

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

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Green financing is "bespoke" in every country with the Philippines considered as a key market for green energy, Tonkin said. 

"The Philippines had quite a history on the renewable side that had quite a number of wind projects and I expect that to continue over the next period of time," she said. 

Asia is "material" to ANZ's footprint, Tonkin said, adding that the bank is present in 14 markets in the region.

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