The Bangko Sentral ng Pilipinas (BSP) has released its Sustainability Report 2023, highlighting major steps in sustainable finance.
These include the introduction of regulatory incentives and the release of sustainable finance taxonomy guidelines.
The report also features research on how climate change affects monetary policy and the banking system.
BSP also announced that it has established a sustainability office, under the Strategy, Innovation, and Sustainability unit, which will guide the central bank’s inclusive sustainability agenda.
The BSP’s sustainability strategy is aligned with national climate goals, such as the National Adaptation Plan 2023-2050 and the Philippine Energy Plan 2023-2050.
The central bank’s efforts focus on managing climate and environment-related risks to ensure financial stability, promoting green finance, and integrating sustainability into its own operations.
The report outlines achievements from 2023 and the first half of 2024, including the BSP’s incorporation of environmental, social, and governance (ESG) factors into its investment and reserve management practices.
BSP Governor Eli M. Remolona said,
“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.”
The BSP’s newly established Sustainability Office, under the Strategy, Innovation, and Sustainability unit, will oversee the central bank’s inclusive sustainability agenda.
Featured image credit: Edited from Freepik
