State-owned Development Bank of the Philippines (DBP) has tapped an internationally acclaimed Filipino climate scientist and diplomat to provide expert advice on policy guidelines and targets for managing environmental and social risk, footprint, and governance as well as to conduct capacity building, develop collaborative partnerships, and enhance reporting as a financial institution, a top official said.
DBP President and CEO Michael O. de Jesus said Sci. Dpl. Glenn S. Banaguas will enable the Bank to reduce its carbon footprint and empower its people to proactively assess and manage its climate risks.
“We are fortunate to have Sci. Dpl. Banaguas who will help DBP in pursuing its advocacies for sustainable infrastructure development, efficient social services, and protection of the environment”, he said during the signing of the Memorandum of Agreement (MOA) in Makati City on November 28. “We hope that this commitment brings a greater sense of responsibility and security to the Filipino people who are our valued stakeholders,” he added.
DBP is the ninth largest bank in the country in terms of assets and provides credit support to four strategic sectors of the economy – infrastructure and logistics; micro, small and medium enterprises; the environment; and social services and community development.
The Philippines’s premier science diplomat, Sci. Dpl. Banaguas is the recipient of the prestigious UN Sasakawa Awards for Disaster Risk Reduction, a distinguished fellow of UK’s The Royal Society of Arts, an executive fellow of the Geneva Centre for Security Policy, a Lee Kuan Yew Senior Fellow in Public Service, Top 100 Asian Scientists, Asia Leaders Award for Sustainability, and other international accolades.
He is also the Chairman of the ASEAN Science Diplomats and the US-ASEAN Fellows for Science and Technology. He is a member of the EU-Asia Expert Panel for Climate Diplomacy and Environmental Security. He took Climate Change and Energy from Harvard Kennedy School, Harvard University and Sustainability Leadership from Yale University. He also studied Applied Remote Sensing from the National Aeronautics Space Administration.
Under this collaboration, Sci. Dpl. Banaguas will assist DBP in identifying and managing environmental and social risks emanating from DBP’s operations, products and services; working towards net zero emissions (NZE) under the DBP Roadmap; and mainstreaming environmental, social and governance (ESG) considerations in DBP’s business decisions, operations, products and services.
“It is truly an honor to work with DBP on the furtherance of its climate action goals – both in resiliency and sustainability efforts. Aside from conducting the comprehensive baseline assessment of the bank’s footprint, it is also part of our commitment to help our stakeholders and partners in accessing climate and sustainability financing programs,” Banaguas said.
“DBP deserves nothing less than our undivided support, as it accelerates resilient and sustainable economic growth for the continued security and welfare of our people,” he added.