Role of Finance in Addressing Climate Change Climate change is a global issue that will have long-term and far-reaching implications both for society and for economic activity. Given its "negative externalities," all entities -individuals, firms, and governments -- have to take responsible actions beyond their individual interests. To address climate change, we need a multi-pronged approach across a wide range of fields.
We even expanded BSP’s capability by creating an entirely new sector that’s focused on Digital Payments. Gradually, we expanded use of digital payments in the country from only 1% in 2013 to 20% by the end of 2020. This development affirms that we’ve done significant progress in the domestic sphere.