The Philippines’ new central bank head is pushing for lenders’ disclosure of climate-related assets, pledging that the Southeast Asian nation’s banking system will join the global efforts to slow climate change.
Bangko Sentral ng Pilipinas Governor Eli Remolona said the monetary authority is working with scientists to develop a metric for banks’ climate-related assets, which will be used to score banks in terms of their role in fighting climate change.
“We look at each kind of loan or asset and what it’s financing, and decide what it’s doing for climate change: is it slowing down or accelerating climate change?” Remolona said in a live-streamed speech at an economic briefing in Canada, one of his first addresses before an international audience as new central bank chief.
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