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July 14, 2024

95% of banks submit sustainability transition plans or frameworks, reports BSP

According to Bankero and BSP Assistant Governor Lyn I. Javier, about 95% of banks have submitted their transition plans or sustainable finance frameworks, with some banks leading the way in integrating sustainability principles into their operations.

Javier also noted that since 2017, banks have issued approximately $4.48 billion in sustainable bonds by June 2023, aimed at financing digital micro, small, and medium enterprises (MSMEs), as well as $100 million in blue bonds.

Additionally, financing for renewable energy by banks had reached P243.6 billion as of September 2022.

The BSP has been actively promoting its sustainability agenda to financial institutions, aiming to mitigate climate risks through green policies and practices.

Javier emphasized that collaboration with various stakeholders would be essential in advancing sustainability within the financial system, with the current data collection efforts focused on providing financial institutions with the tools to assess their risk exposures.