BSP commits to go ‘G.R.E.E.N” in sustainability push

The Bangko Sentral ng Pilipinas (BSP) is committed to pursuing the G.R.E.E.N. strategy as part of its broader push to integrate sustainability into the operations of its supervised entities and the entire financial system.

During the Pilipinas Conference 2021 hosted by Stratbase ADR Institute for Strategic and International Studies, BSP Governor Benjamin E. Diokno said the BSP will put G.R.E.E.N. into action through the following:

• G- guiding the financial system and promoting a conducive backdrop for sustainable finance to flourish;
• R- raising awareness and building capacity as a continuing task to mainstream sustainable finance and increase appreciation of sustainability principles;
• E- enabling a regulatory environment through policy issuances;
• E- engaging all stakeholders; and
• N-navigating the path toward post-COVID-19 economy and the Philippine financial system that is more stable, resilient, and inclusive.

G.R.E.E.N. captures the BSP’s goal of championing sustainability in the financial system. The strategy is implemented through  regulatory issuances, which aim to embed sustainability principles, including environmental, social, and governance considerations, in the strategies, corporate governance, risk management, and operations of banks. The strategy also aims to direct the flow of capital toward green and sustainable projects.