Sumary of DoF, BSP set climate change policies:
- The Department of Finance (DoF) and the Bangko Sentral ng Pilipinas (BSP) have pledged to implement policies that will reduce the country’s vulnerability to climate change..
- Alvarez said the Finance department will kick off the country’s transition by looking at how sustainable finance may be used to boost the generating capacity of Mindanao’s Agus-Pulangi hydropower facility..
- “In line with this, the BSP issued the Sustainable Finance Framework in April 2020, which expects banks to embed sustainability principles in their corporate and risk management systems, business strategies and operations,”.
- Diokno went on to say that the BSP has improved governance standards on treasury activities and streamlined processes to enable for more bond issuances by BSP-supervised financial institutions and to help the capital markets grow faster…