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Central Bank seeks public views on sustainable finance

The Central Bank of Samoa (C.B.S.) is nearing completion of their sustainable finance policy but first they are asking the public for their thoughts.

In a public statement issued by the Bank, they are inviting the public to take part in an online survey regarding “sustainable finance”.

Put simply, sustainable finance is the provision of any financial service or product for investment that takes into account the impacts of that investment on our environment, social and governance structures.

The C.B.S. explains that their motivation is to avoid financing projects that could damage our environment, or would have any negative impact on social or governance structures.

“In order to complete our assessment on the appropriate adoption and application of sustainable financing in Samoa, the comments from the general public (especially the potential or actual borrowers residing in Samoa) on this subject will be greatly appreciated,” a statement from the Bank said. 

Starting Friday, February 21, the general public will be able to access the initial consultative process by providing their feedback to a questionnaire that will be made available on the CBS website (www.cbs.gov.ws)

“Your valuable feedback will contribute to the determination of the design of appropriate policies for sustainable financing in Samoa,” the statement said. 

“This questionnaire will be on the CBS website for 1 month, closing at 12pm on 20 March 2020.”

Since September 2019, C.B.S. has been in consultation with the four commercial banks, including A.N.Z., the Bank of the South Pacific, the National Bank of Samoa and the Samoa Commercial Bank. More most recently it has been in talks with insurance companies and non-bank financial institutions including the Development Bank of Samoa and Samoa National Provident Fund.

The C.B.S. stated that the initial feedback from these financial institutions indicates a general support for the provision of sustainable finance.

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