Philippines Financial Sector Assessment Program : Climate Change and Environmental Risks and Opportunities

Philippines Financial Sector Assessment Program : Climate Change and Environmental Risks and Opportunities

The Philippines’ financial sector is highly vulnerable to climate risks. The country has high exposure to natural hazards (typhoons, landslides, floods, droughts, volcanic eruptions), strong dependence on a climate-sensitive agricultural sector, an...

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Main Author: Regelink, Martijn G.J.
Format: Report
Language:English
Published: World Bank, Washington, DC 2021
Subjects:
FINANCIAL SECTOR DEVELOPMENT
CLIMATE CHANGE
GREEN FINANCE
NATURAL DISASTER RISK
ENVIRONMENTAL RISKS
FINANCIAL SUPERVISION
BANKING
INSURANCE
CAPITAL MARKETS
Online Access:http://documents.worldbank.org/curated/en/244321629266625579/Philippines-Financial-Sector-Assessment-Program-Climate-Change-and-Environmental-Risks-and-Opportunities-Technical-Note
http://hdl.handle.net/10986/36182
id okr-10986-36182
recordtype oai_dc
spelling okr-10986-361822021-08-24T05:10:44Z Philippines Financial Sector Assessment Program : Climate Change and Environmental Risks and Opportunities Regelink, Martijn G.J. FINANCIAL SECTOR DEVELOPMENT CLIMATE CHANGE GREEN FINANCE NATURAL DISASTER RISK ENVIRONMENTAL RISKS FINANCIAL SUPERVISION BANKING INSURANCE CAPITAL MARKETS The Philippines’ financial sector is highly vulnerable to climate risks. The country has high exposure to natural hazards (typhoons, landslides, floods, droughts, volcanic eruptions), strong dependence on a climate-sensitive agricultural sector, and vast coastlines where all major cities and the majority of the population reside. Significant systemic vulnerabilities can materialize if large natural disasters affect the capital region. In addition to physical risks, Philippine banks can also be exposed to transition impacts, that is, risks that emerge during the transition towards a more sustainable and carbon-neutral economy. Philippine supervisory authorities should build capacity to better understand and manage climate risks and foster transparency. At the same time, there is opportunity for deepening financial markets for green growth, by addressing several market and institutional barriers. With limits in public spending, there is great need, but also a significant opportunity for the private sector to contribute to green inclusive growth, including finance for climate resilience and mitigation efforts. 2021-08-23T20:12:13Z 2021-08-23T20:12:13Z 2019-06-01 Report http://documents.worldbank.org/curated/en/244321629266625579/Philippines-Financial-Sector-Assessment-Program-Climate-Change-and-Environmental-Risks-and-Opportunities-Technical-Note http://hdl.handle.net/10986/36182 English CC BY 3.0 IGO http://creativecommons.org/licenses/by/3.0/igo World Bank World Bank, Washington, DC Economic & Sector Work Economic & Sector Work :: Financial Sector Assessment Program East Asia and Pacific Philippines
repository_type Digital Repository
institution_category Foreign Institution
institution Digital Repositories
building World Bank Open Knowledge Repository
collection World Bank
language English
topic FINANCIAL SECTOR DEVELOPMENT
CLIMATE CHANGE
GREEN FINANCE
NATURAL DISASTER RISK
ENVIRONMENTAL RISKS
FINANCIAL SUPERVISION
BANKING
INSURANCE
CAPITAL MARKETS
spellingShingle FINANCIAL SECTOR DEVELOPMENT
CLIMATE CHANGE
GREEN FINANCE
NATURAL DISASTER RISK
ENVIRONMENTAL RISKS
FINANCIAL SUPERVISION
BANKING
INSURANCE
CAPITAL MARKETS
Regelink, Martijn G.J.
Philippines Financial Sector Assessment Program : Climate Change and Environmental Risks and Opportunities
geographic_facet East Asia and Pacific
Philippines
description The Philippines’ financial sector is highly vulnerable to climate risks. The country has high exposure to natural hazards (typhoons, landslides, floods, droughts, volcanic eruptions), strong dependence on a climate-sensitive agricultural sector, and vast coastlines where all major cities and the majority of the population reside. Significant systemic vulnerabilities can materialize if large natural disasters affect the capital region. In addition to physical risks, Philippine banks can also be exposed to transition impacts, that is, risks that emerge during the transition towards a more sustainable and carbon-neutral economy. Philippine supervisory authorities should build capacity to better understand and manage climate risks and foster transparency. At the same time, there is opportunity for deepening financial markets for green growth, by addressing several market and institutional barriers. With limits in public spending, there is great need, but also a significant opportunity for the private sector to contribute to green inclusive growth, including finance for climate resilience and mitigation efforts.
format Report
author Regelink, Martijn G.J.
author_facet Regelink, Martijn G.J.
author_sort Regelink, Martijn G.J.
title Philippines Financial Sector Assessment Program : Climate Change and Environmental Risks and Opportunities
title_short Philippines Financial Sector Assessment Program : Climate Change and Environmental Risks and Opportunities
title_full Philippines Financial Sector Assessment Program : Climate Change and Environmental Risks and Opportunities
title_fullStr Philippines Financial Sector Assessment Program : Climate Change and Environmental Risks and Opportunities
title_full_unstemmed Philippines Financial Sector Assessment Program : Climate Change and Environmental Risks and Opportunities
title_sort philippines financial sector assessment program : climate change and environmental risks and opportunities
publisher World Bank, Washington, DC
publishDate 2021
url http://documents.worldbank.org/curated/en/244321629266625579/Philippines-Financial-Sector-Assessment-Program-Climate-Change-and-Environmental-Risks-and-Opportunities-Technical-Note
http://hdl.handle.net/10986/36182
_version_ 1764484741336137728

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