Turning old banknotes into alternative energy sources is just one of the sustainability efforts of the Bangko Sentral ng Pilipinas (BSP). Know more:
TURNING old banknotes into alternative energy sources is just one of the sustainability efforts of the Bangko Sentral ng Pilipinas .
“The use of briquetted banknotes as an alternative fuel source instead of outright burning reduces the need to cut down trees, thereby contributing to a reduced carbon footprint,” the report stated. “Buyers of briquetted banknotes are required to submit an Environmental Compliance Certificate [ECC] issued by the DENR [Department of Environment and Natural Resources],” the report stated.
Apart from these, the BSP said it has begun its studies on incorporating climate change into monetary policy. In June 2022, the BSP released the first empirical attempt to quantify the impact of temperature shocks in the Philippine setting. On green investments, former BSP Governor Felipe M. Medalla said the central bank has invested some of the country’s foreign reserves on green assets.
BSP said the report covered the initiatives under financial supervision, preliminary work in the areas of monetary policy and operations , and projects and activities in support operations .
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