Chartered Banker Institute becomes one of the first UK organisations to endorse the UN Principles for Responsible Banking
21st February 2019
The Chartered Banker Institute is proud to announce that it has become one of the first UK organisations to endorse the UN Principles for Responsible Banking.
The Principles were developed by 28 of the world’s leading banks, all members of the United Nations Environment Finance Initiative (UNEP FI). The Principles are currently out for global public consultation until May 2019 and will become available for signature in September 2019, during the UN General Assembly. Until then banks and stakeholders can join this forward-looking coalition by becoming official endorsers of the Principles.
The Principles provide guidance for banks to create value for their customers, shareholders and society. They are the first global framework to enable banks to integrate sustainability across all business areas, from strategic, to portfolio, to transaction level. The transparency and accountability mechanism of the Principles requires signatories to address their most significant impacts, set public targets and report back on progress.
Simon Thompson, Chief Executive, Chartered Banker Institute commented:
“Successfully embedding the Principles for Responsible Banking (PRB) at the heart of our sector is crucial. As the oldest banking institute in the world, we have a long-term commitment to setting and driving upwards the standards for knowledgeable, accountable and responsible bankers and, through, this work our support of the responsible banking agenda. Having launched the world’s first Green Finance Certificate in 2018, we are now ensuring that the PRBs are being included in all our qualifications. This will not only help embed sustainability within our sector but will demonstrate in a very practical way the social purpose of banking and help reconnect banks and society.”
Valdis Dombrovskis, Vice President European Commission added:
“Banks have a special responsibility that comes from being at the center of the financial system.” He continued, “I encourage all banks to sign up to the Principles for Responsible Banking."
Simone Dettling, head of the Banking team at UNEP FI further added:
“It is fantastic to see this coalition growing so quickly. The Principles for Responsible Banking are rapidly setting the global standard for what it means to be a responsible bank. We invite banks that haven’t endorsed them yet to join and show their commitment to the sustainable banking system of the future.”
[ENDS]
For further information contact:
Matthew Ball, Head of Public Affairs, Chartered Banker Institute
Tel: +44 (0) 7720 684226 E-mail: matthew.ball@charteredbanker.com
Notes to Editors:
The six Principles for Responsible Banking that banks commit to are:
1) Alignment: We will align our business strategy to be consistent with and contribute to individuals’ needs and society’s goals, as expressed in the Sustainable Development Goals, the Paris Climate Agreement and relevant national and regional frameworks. We will focus our efforts where we have the most significant impact.
2) Impact: We will continuously increase our positive impacts while reducing the negative impacts on, and managing the risks to, people and environment resulting from our activities, products and services.
3) Clients & Customers: We will work responsibly with our clients and our customers to encourage sustainable practices and enable economic activities that create shared prosperity for current and future generations.
4) Stakeholders: We will proactively and responsibly consult, engage and partner with relevant stakeholders to achieve society’s goals.
5) Governance & Target-setting: We will implement our commitment to these Principles through effective governance and a culture of responsible banking, demonstrating ambition and accountability by setting public targets relating to our most significant impacts.
6) Transparency & Accountability: We will periodically review our individual and collective implementation of these Principles and be transparent about and accountable for our positive and negative impacts and our contribution to society’s goals.
For more information about the Principles visit: www.unepfi.org/banking/bankingprinciples
1. The 28 founding banks developing the Principles for Responsible Banking are from five continents and represent over 17 trillion dollars in combined assets:
Access Bank (Nigeria), Arab African International Bank (AAIB) (Egypt), Banco Pichincha (Ecuador), Banorte (Mexico), Barclays (United Kingdom), BBVA (Spain), BNP Paribas (France), Bradesco (Brazil), Commercial International Bank (CIB) (Egypt), CIMB Bank (Malaysia), First Rand (South Africa), Garanti Bank (Turkey), Golomt Bank (Mongolia), Hana Financial Group (South Korea), Industrial and Commercial Bank of China (ICBC) (China), ING (Netherlands), Kenya Commercial Bank (KCB) Group (Kenya), Land Bank (South Africa), National Australia Bank (NAB) (Australia), Nordea (Sweden), Piraeus Bank (Greece), Santander (Spain), Shinhan Financial Group (South Korea), Societe Generale (France), Standard Bank (South Africa), Triodos Bank (Netherlands), Westpac (Australia), YES Bank (India)
2. Standard Chartered PLC, KBC Group, KB Financial Group, DGB Financial Group, Natixis, GLS Bank, Landsbankinn hf., Zenith Bank and Keystone Bank were the first banks to endorse the Principles. They were joined by The European Banking Federation, Natural Capital Coalition, SITAWI Finance for Good, the Spanish Banking Association, the European Association of Co-operative Banks, the BBVA Microfinance Foundation, the Spanish Confederation of Savings Banks, and the Dutch Banking Association (NVB), which were the first stakeholders to endorse the Principles.
3. The Principles were launched by the Founding Banks’ CEOs on 26 November 2018 in Paris at the UN Environment Finance Initiative’s biennial Global Roundtable and the 4th Climate Finance Day, under the patronage of the French President Emmanuel Macron.
4. The Principles are now in a six-month global public consultation period until 31 May 2019 before they will be signed by banks from around the world. Banks and stakeholders are invited to provide feedback and input to guide their further development, and to signal their support by becoming Endorsers of the Principles for Responsible Banking.