The Bangko Sentral ng Pilipinas (BSP) on Friday released its 2023 Sustainability Report which lays out the rationale and progress of its climate response.
The report is anchored on the BSP’s mandates and the country’s broader climate goals such as those under the National Adaptation Plan 2023-2050 and the Philippine Energy Plan 2023-2050.
The agenda have three main thrusts which include managing climate and environment-related risks to price and financial stability, mobilizing green finance and implementing sustainability in own operations.
It cited accomplishments in 2023 and in the first half of 2024 and covers the issuance of regulatory incentives for sustainable finance, the publication of the Sustainable Finance Taxonomy Guidelines, research on the impact of climate change on monetary policy and the banking system and the BSP’s integration of environmental, social and governance (ESG) considerations in its investments and reserves management.
“A climate-resilient economy and financial stability are mutually reinforcing outcomes. The BSP is thus committed to supporting the collective effort to unlock finance for adaptation measures that need to be implemented by the public sector, private enterprises and households,” BSP Governor Eli Remolona Jr. said.
The report also expounds the refined strategic intent of the BSP’s climate response.
“We are pursuing a sustainability agenda that is inclusive and grounded on the country’s special climate risks,” Remolona said.
Inclusive sustainability implies managing the unintended exclusionary effects of climate action and promoting green finance to the benefit of the most vulnerable sectors, according to the BSP.
It said the report is in line with its efforts to champion sustainability principles and practices in the financial sector. The report also serves as a tool to engage the public, policymakers and the business and development communities as partners in the whole-of-nation climate resilience efforts.
The Sustainability Office under the newly formed strategy, innovation and sustainability unit was created to shepherd the BSP’s inclusive sustainability agenda.
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