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May 27, 2024

BSP chief pledges climate change response and “greening” of financial sector

Bangko Sentral ng Pilipinas (BSP) Governor Eli M. Remolona emphasizes the urgency of addressing climate change and announces 11 strategies, including climate-related financial disclosures.

The move aims to enhance the resilience of the banking sector and fight against climate change impacts.

The BSP aims to classify bank assets based on their impact on climate change and encourage public disclosure of climate-related data by banks, while considering incentives for sustainable projects and green lending.

The Philippines, despite contributing minimally to greenhouse gas emissions, remains highly vulnerable to climate change, necessitating urgent action in the financial sector.