THE BANGKO Sentral ng Pilipinas (BSP) on Thursday launched its 11-point sustainable central banking (SCB) agenda as it seeks to mitigate climate risks by advocating green policies and practices.
The facade of the Bangko Sentral ng Pilipinas is seen along Roxas Boulevard in Malate, Manila. — PHILIPPINE STAR/ MIGUEL DE GUZMANits 11-point sustainable central banking agenda as it seeks to mitigate climate risks by advocating green policies and practices.
Mr. Medalla also said climate change will also affect how the BSP regulates banks, as capitalization requirements should be enough to bear constantly changing climate risks.“We are an enabler, we are a mobilizer, we are a doer. We are proud to be so. Climate action is a whole of society undertaking and the BSP could only do so much but it will do what it can do,” Mr. Medalla said. “That’s why we call on everyone’s support to help implement the sustainable central banking program.
The BSP will align regulations with global standards, particularly in banks’ capital framework. It will also issue guidelines consistent with a sustainable finance taxonomy.
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