Regulatory Alerts2024-09-27
BSP FAQs on Financing Excluded Activities and Coal-Fired Power Plant Projects
The Bangko Sentral ng Pilipinas issued Memorandum No. M-2024-028 to clarify the application of the Sustainable Finance Taxonomy Guidelines regarding excluded activities and coal financing. The document states that banks may finance excluded activities and coal projects, provided such financing is not labeled as green, amber, or red, and aligns with the Department of Energy's energy transition scenarios. Additionally, the guidelines permit the classification of activities supporting the early retirement or repurposing of coal-fired power plants as amber under specific SFTG procedures.
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