The Bangko Sentral ng Pilipinas (BSP) is looking to grow its investments in green bonds to $1 billion in the next two years amid a growing demand for climate-friendly investments.

Green bonds are debt instruments designed to raise funds for projects and businesses that have a positive environmental or social impact.

The BSP currently has $550 million worth of investments in green bonds, still below one percent of the country’s gross international reserves which amounted to $106.6 billion as of end-September.

BSP Governor Benjamin Diokno said the central bank, being a member of the Network for Greening the Financial System would continue to green finance and ramp up its environmental sustainability objectives.

He said the BSP would also “lead and influence financial institutions to carry out environmentally and socially responsible business decisions and adopt green practices.”

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Scaling up sustainable finance: BSP to double green bond investments to $1B
Source: Filipino Daily Inquirer