The Principles for Responsible Banking, a financial sector initiative of the United Nations Environment Programme (UNEP FI), were launched yesterday in Paris. This initiative has received initial support from 28 global banks, representing over $17 trillion in combined assets, and was attended by ten CEOs of financial institutions. The principles establish a global benchmark for banking in terms of sustainability and provide practical guidance for action to create value for their shareholders and society in general.
Banks adhering to the new framework must adapt their different business areas to the UN Sustainable Development Goals (SDGs), which include eradicating poverty, protecting the planet, and ensuring prosperity for all, as well as to the Paris Agreement on climate change. They establish the global benchmark for what it means to be a responsible bank and provide guidance on how to achieve this, through the practical implementation guide, which was also published yesterday.
“With the launch of these Principles, the financial sector demonstrates its clear commitment to continue playing a crucial role in creating a sustainable and inclusive future for all of society. We must move towards a new economic model that makes wealth creation sustainable and enduring, and that it can be distributed more fairly and equitably, in a way that includes all countries and layers of society,” said AEB President, José María Roldán.
The Principles for Responsible Banking express, in his opinion, “the banking sector’s commitment to provide a common response to social and environmental challenges, but they also serve as a useful instrument for integrating these long-term objectives into daily banking activity.”
The principles now enter a six-month public consultation phase before banks worldwide sign them at the United Nations General Assembly to be held in September 2019 in New York. All banks and stakeholders have been invited to submit their comments and observations for the future development of these principles.
The Spanish Banking Association joins the entities that have confirmed their support for these Principles and will actively participate in the discussions that will take place during these months of public consultation.
