The Bangko Sentral ng Pilipinas (BSP) on Friday said it remains committed to supporting collective efforts to unlock financial opportunities in achieving a climate-resistant economy in its 2023 Sustainability Report, which lays out the rationale and progress of its climate response.
"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 needed by the public sector, private enterprises, and households," said BSP Governor Eli M. Remolona.
The BSP's sustainability agenda is anchored on its 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 has three main thrusts: managing climate and environment-related risks to price and financial stability, mobilizing green finance, and implementing sustainability in its operations.
The report features accomplishments in 2023 and the first half of 2024 across these three thrusts. These include 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.
Building on the maiden 2022 edition, the 2023 Sustainability Report expounds the refined strategic intent of BSP's climate response. "We are pursuing a sustainability agenda that is inclusive and grounded on the country's special climate risks," Governor Remolona said. For the BSP, inclusive sustainability implies managing the unintended exclusionary effects of climate action and promoting green finance to benefit the most vulnerable sectors.
The sustainability report is publication aligns with the BSP's 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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