Navigating the shift in the banking industry to promote sustainability

ING Philippines, like many financial institutions in the country, has been facing substantial hurdles as it strives to promote sustainability amid the global transition to a lowcarbon economy.

- KEISHA TA-ASAN

In an interview with The STAR, ING Philippines country manager Jun Palanca said the urgency for businesses and governments to promote sustainability increases as environmental, social and governance (ESG) challenges intensify.

"ING Philippines faces similar hurdles as other financial institutions in the country when it comes to promoting sustainability. The biggest challenge lies in navigating the shift towards a low-carbon economy,' Palanca said.

"This transition requires not only new technologies and financial tools, but also updated regulations to guide these changes. Furthermore, financial institutions need to be aware of, and mitigate, the new social and environmental risks that may arise during this transition," he added.

Thus, Palanca said it is crucial to actively engage with stakeholders, including regulators and industry organizations, to advance sustainable development.

Beyond providing funding, financial institutions must also collaborate closely with its clients to help them achieve their target, amplify their impact and coalition-building.

"We are committed to an inclusive approach that makes a meaningful positive impact. By supporting industry peers and advancing the sustainability agenda, we engage in relevant discussions and working groups focused on promoting sustainable finance," he said.