Diokno, Legarda tell executives to factor in climate risk in corporate strategy
MAKATI CITY, 30 October 2020 -- Bangko Sentral ng Pilipinas (BSP) governor Benjamin Diokno and House deputy speaker Loren Legarda challenged executives to integrate the physical and transition risks brought about by climate change in their planning and decision-making. “The financial sector holds a unique position in advancing the sustainability agenda. We cannot leave climate change and sustainability as only the government's priority,” Diokno told members of the Institute of Corporate Directors in a virtual conference it organized yesterday with the Institute for Climate and Sustainable Cities (ICSC) and The Climate Reality Project (TCRP) Philippines. “The COVID-19 pandemic provides [...]
Philippine central bank signs sustainable finance framework
30 April 2020 — The Monetary Board of the Bangko Sentral ng Pilipinas (Central Bank of the Philippines) signed yesterday its Sustainable Finance Framework recognizing that “physical and transition risks arising from climate change could result in significant societal, economic and financial risks affecting the banks and their stakeholders.” The framework also includes green finance for climate change adaptation and mitigation projects in its definition of sustainable finance. Experts say the BSP framework sets the precedence to start not only pricing climate and transition risk, but also valuing climate-resilient and low-carbon opportunities. The Sustainable Finance Framework was published as [...]