Filipino Thrift Banks Commit to Support the Sustainable Finance Road Map
As the regulator published instructions on the implementation of the Environmental and Social Risk Management (ESRM) System, the umbrella group of thrift banks in the Philippines vowed to support the sustainable finance road map.
The sustainable finance road map includes green financing, which is intended to make it easier for money to flow toward initiatives that reduce greenhouse gas emissions and adapt to climate change.
Chamber of Thrift Banks (CTB) president Cecilio San Pedro said, "Recent and current events such as the ongoing pandemic and natural calamities have triggered awareness about the importance of sustainability in various industries including banking. We aim to jumpstart the members' response to this urgent call of the Bangko Sentral for sustainable development."
CTB and its members are drumming up commitment to sustainability as they gather for their yearly convention on Oct. 12-13.
The BSP defines sustainable finance as any form of financial product or service which integrates environmental, social and governance criteria into business decisions, that in turn support economic growth and provide lasting benefits for both clients and society, all while reducing pressures on the environment.
Fazzaco earlier reported, six major U.S banks announced to participate in Fed's climate risk pilot.
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