Banking’s responsibility

UN Environment Finance Initiative (UNEP FI) and 28 banks have launched the Principles for Responsible Banking for global public consultation at a meeting in Paris.

The consultation is an attempt to define the banking industry’s role in shaping a sustainable future, and by committing to the new framework, banks will be aligning their business with the objectives of the Sustainable Development Goals (SDGs) and the Paris Climate Agreement.

Setting out a clear purpose for the banking industry will help enable investors, policymakers and regulators, clients and civil society to compare banks and hold them accountable for their environmental, social and economic impacts. Banks that continuously fail to meet transparency requirements, set adequate targets and demonstrate progress will face removal from the list of signatories.

The Principles will now enter a six-month global public consultation period before they will be launched in September 2019.

“The global banking industry is stepping up to the sustainability challenge. I’m optimistic we’ll see a realignment of business practice – one that embraces the fact that green and socially responsible business is the best business.” Said Satya Tripathi, UN Assistant Secretary-General, UN Environment.

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