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Manila Bulletin devider Business devider Gov't pushes for sustainable financing policies

Gov't pushes for sustainable financing policies

Published Nov 28, 2023 08:49 am

At A Glance

  • Department of Finance Secretary Benjamin E. Diokno said urged a conducive policy environment for sustainable finance, which in turn will synergize public and private sector investments.<br>The DOF, through the Inter-Agency Task Force on Sustainable Finance (ITSF) or "Green Force", carries out a a comprehensive review of the sustainable finance landscape in the country.<br>The committee launched the Philippines' first-ever Sustainable Finance Roadmap, which outlines a whole-of-government approach to promote sustainable finance.<br>Diokno cited several banks that created Sustainable Energy Finance Desks to monitor sustainable energy projects, which encourage local enterprises to invest in renewable energy and energy efficiency solutions.

The government must establish a conducive policy environment for sustainable finance, which in turn will synergize public and private sector investments, the Department of Finance (DOF) said.

Finance Secretary Benjamin E. Diokno said during the Climate Investment Forum 2023 that sustainable finance includes the promotion of sustainable financial products, improving the definition of sustainable finance, and tracking sustainable finance flows.

“This requires integrating sustainability into macroeconomic policies and regulations; strengthening coordination within the financial ecosystem; embedding sustainability into the risk management of the banking, insurance, and asset management sectors; encouraging sustainability and climate-related disclosures; conducting capacity-building; and actively participating in international initiatives on sustainable finance,” he said.

Sustainable financing is the process of considering environmental, social and governance aspects when making investment decisions in the financial sector.

The DOF has been creating a sustainable finance ecosystem through the Inter-Agency Task Force on Sustainable Finance (ITSF) or “Green Force”, which is tasked to carry out a comprehensive review of the sustainable finance landscape in the country.

The Green Force earlier launched the Philippines’ first-ever Sustainable Finance Roadmap, which outlines a whole-of-government approach to promote sustainable finance.

Further, the Department of Environment and Natural Resources (DENR) and Climate Change Commission, along with DOF announced the completion of the country’s National Adaptation Plan and Nationally Determined Contribution Implementation Plan, with the corresponding financing plans underway.

“Recognizing the indispensable role of finance in the fight against climate change, the Department of Finance is proud to be a fierce advocate and one of the earliest adopters of climate policy in the Philippine government,” the finance secretary said.

“On the ground, sufficient sustainable finance information will ensure the alignment of incentives, accurate measurement of results, proper valuing of assets, and effective management of risks,” Secretary Diokno said.

Further, Diokno cited that the largest banks in the Philippines, such as BDO and the Bank of the Philippine Islands created Sustainable Energy Finance Desks to monitor sustainable energy projects, which encourage local enterprises to invest in renewable energy and energy efficiency solutions.

He also added that over $10 million worth of climate adaptation projects will be implemented by local communities all over the Philippines through the People Survival Fund, which will boost the communities’ climate resilience through science-backed solutions.

The DOF chief urged business partners to comply with the Extended Producer Responsibility (EPR) Act of 2022, which aims to promote a circular economy that minimizes pollution while maximizing the use of materials.

“The Philippine government is aggressively covering every front and laying the groundwork for enabling a just transition where every sector, every community, and every individual can thrive,” he stated.
 

Related Tags

Climate Change Commission Sustainable Finance Department of Finance Benjamin E. Diokno
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