BDO Unibank continues to be a major coal financier in the Philippines. According to Withdraw from Coal: End Fossil Fuels (a campaign of the Centre for Energy, Ecology and Development, CEED), BDO Unibank and Bank of the Philippine Islands were together responsible for almost 50% of Filipino private finance for coal since 2009.

In September 2022, BDO Unibank committed to reducing its coal exposure by half and capping coal exposure at two per cent of its total loan portfolio by 2033. However, Withdraw from Coal criticised the new policy for narrowly defining coal exposure. Namely, the announcement's focus on term loans meant that capital markets facilitation was excluded. This allowed BDO Capital and Investments (BDO's investment banking subsidiary) to act as bookrunner and underwriter for two Aboitiz Corporation bonds financing the Mariveles coal-fired power plant and its Dinginin expansion. In total, therefore, BDO has provided USD $3.2bn in loans and underwriting to coal projects since 2009 in spite of its claims not to have financed new coal projects since 2019.

Furthermore, BDO is also a major investor in other fossil fuels, namely gas projects. Through three transactions (underwriting one bond issuance by a San Miguel Corporation company, and two term loans), BDO has facilitated large gas projects in the Philippines.