BSP adopts measures vs climate change-induced losses

BSP adopts measures vs climate change-induced losses | Daily Tribune

With a projected annual loss of P645 billion to industries by 2030 due to climate change, the Bangko Sentral ng Pilipinas (BSP) has reduced utility consumption and waste through multiple measures in contributing to overall climate-change prevention efforts.

The BSP’s 2023 Sustainability Report shows it reduced electricity use by 12 percent, water consumption by 24 percent, and trash by 38 percent last year in its main office in Manila.

Surpassing reduction targets

The report, released Friday, said this means that the BSP surpassed its initial 10 percent reduction target both for water and power consumption and 20 percent for waste.

Its sustainability goals were achieved during last year’s hottest global temperature with an increase of 1.48 degrees Celsius which is near the 1.5 limit of the 2015 Paris Agreement on climate change.

Without climate change measures, the BSP said waste pollution and carbon emissions from industries could worsen weather conditions, such as the country’s 20 storms on average each year which has already resulted in P24.4 billion total damage in agriculture and infrastructure last year.

Environmental impact

“The BSP, being a large consumer, is cognizant of the environmental impact of the products and services it purchases,” BSP report said.

“Hence, the BSP has made conscious efforts to use energy-efficient and eco-friendly items in its operations, in line with the Green Public Procurement Roadmap of the Government Procurement Policy Board and relevant issuances from the Department of Environment and Natural Resources, Department of Energy and Department of Health,” it added.

Last year, the BSP installed more energy-efficient LED lights and light sensors to control power use and replaced air conditioning and chiller units with those having more eco-friendly features.

The central bank also modernized restrooms to limit water consumption. “We are exploring the use of alternative sources of water (e.g. rainwater, air conditioning condensate water, and groundwater) to reduce risks associated with having a single water source,” BSP said.

Recycling waste materials

For reducing and recycling waste materials, the BSP has been returning canvas and plastic bags and rubber bands to banks it transacts with for deposit activities.

“The BSP is in the process of obtaining the Building for Ecologically Responsive Design Excellence certification for its head office to provide a safe, healthy, environment-friendly, and reliable work environment for BSP staff and stakeholders,” BSP said.

BSP officials have also committed to continue publishing its progress in sustainability measures and new environmental targets.