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As the country becomes more vulnerable to environmental threats, growing poverty cases and economic uncertainties, regulating financial regulations on small businesses to thriving corporations would help promote sustainable practices and develop greener establishments.
These regulations allow the adoption of eco-friendly technologies and uphold ethical business conduct, which will be more sustainable and environmentally friendly in the long run.
Daniel Salapong of Colliers stated that these regulations would help "incentivize businesses to adopt sustainable business practices and contribute to the country's efforts to mitigate the impact of climate change."
With that, here are several financial regulations that will be crucial in creating more sustainable and more equitable businesses.
The "Green Building Act of 2018" is a significant mandate that pushes for greener and more sustainable businesses through integrating energy-efficient and environment-conscious practices. This mandate requires real estate developers to plant trees for the construction of residential, commercial and industrial buildings.
This regulation pushes forward a greener environment and society by minimizing the impact of climate change on the country.
Another regulation is Bangko Sentral ng Pilipinas' Sustainable Finance Framework. The framework requires financial institutions like banks to integrate ethical, environmental and social standards in activities such as lending or investing.
This regulation pushes sustainable investments, which will benefit the country's economic growth while positively impacting the environment.
Greener finances
Similar financial regulations promoting greener finances are the Securities and Exchange Commission's guidelines on establishing Green Bonds and Social Bonds.
According to SEC, these guidelines mandate issuers to "establish the process for project evaluation and selection prior to the issuance of the ASEAN Green Bonds." This includes environmental sustainability objectives, any potential environmental and social risks, or any green standards or certifications that were referenced.
These guidelines encourage issuers to take more conscious and proactive actions that will have positive social and environmental impacts on society.
Meanwhile, the Department of Energy has formulated a financial regulation to incentivize companies and businesses that use renewable energy sources. These efforts promote using renewable energy in workplaces that will help mitigate the harmful effects of climate change.
Lastly, the Philippine Stock Exchange has introduced the Sustainability Reporting Guidelines, which mandates companies to disclose details regarding their environmental, social and governance practices.
Apart from these financial regulations, environmental efforts adhered to the Sustainable Development Goals and Ambisyon Natin 2040 should be at the forefront for developers and business owners to ensure that their efforts would also help address pressing environmental, economic and social issues in the country.
Although the impacts of climate change are irreversible, pushing businesses to become greener and sustainable by conscious and collective environmental efforts becomes an imperative.
