ADFIAP, through its consulting and advisory arm, the ADFIAP Consulting (AC) Group, met virtually on September 11, 2020 with its partners in the sustainable finance framework training consortium composed of the World Wide Fund (WWF) Philippines, Global Reporting Initiative (GRI), the Asian Institute of Management (AIM) and the University of Asia & the Pacific (UA&P) to discuss their respective roles in the capacity-building program and consultancy service offerings being discussed with the Bankers Association of the Philippines (BAP) on how to operationalize the circular on sustainable finance framework for banks and financial institutions issued by the Bangko Sentral ng Pilipinas (BSP)(Central Bank of the Philippines).
The BSP Circular No. 1085, s. 2020 on “Sustainable Finance Framework” requires banks and financial institutions to embed sustainability principles, including those covering environmental and social risk areas, in their governance framework, risk management systems, and strategic objectives that are consistent with their size, risk profile, and complexity of operations.
The objective of the training consortium which the WWF calls, the “Philippine Sustainable Finance Alignment Initiative”, is to come” up with standardized taxonomy, tools and manuals to facilitate banks and financial institutions compliance with the BSP circular. ADFIAP’s contribution to the partnership is its expertise and long years of experience on sustainable finance which is at the core of its advocacy on advancing sustainable development in the region. ADFIAP was represented in the meeting by Ms. Corazon Conde, Group Head of ADFIAP Consulting.
In relation to this initiative, WWF will be holding an online event, “Sustainable Finance Forum: Demystifying Sustainability Reporting by Banks” on September 18, 2020.