About the Principles for Responsible Banking
28 leading banks from around the globe, jointly representing more than USD 17 trillion in assets, have come together to establish the Principles for Responsible Banking under UNEP FI. The Principles provide a comprehensive framework for the sustainable banking system of the future. They align the banking industry with society’s goals as expressed in the Sustainable Development Goals and the Paris Climate Agreement. The 28 banks have been advised by a group of 13 civil society institutions in the development of the Principles for Responsible Banking.
As society’s expectations change, banks must be transparent and clear about how their products and services will create value for their customers, clients, investors, as well as society.
The more banks that endorse and then adopt the Principles, the greater impact the banking industry will have in leading society to meet its goals for a sustainable and equitable future. Other key stakeholders such as banking associations, regulators, investors and civil society organizations can also support the initiative by becoming an Endorser.
The launch of the draft Principles for Responsible Banking
The draft Principles for Responsible Banking will be launched at UNEP FI’s Global Roundtable on the 26th of November in Paris and will be discussed with all relevant stakeholders in a global public consultation, with the final version of the Principles being available on September 2019.
Before the final version of the Principles for Responsible Banking is available, banks and other institutions can already show their support for this initiative by publicly endorsing the Principles.
What will the Principles for Responsible Banking achieve?
The Principles for Responsible Banking provide banks with a vision linked to society’s goals, and a comprehensive framework for hardwiring sustainability into the bank’s DNA at all levels – strategic, portfolio and transactional – and across all business areas.
They define, shape and ultimately secure the banking industry’s role in the society and economy of the 21st century, and help the industry to demonstrate how it makes a positive contribution to society.
They will accelerate the banking industry’s contribution to achieving society’s goals as expressed in the Sustainable Development Goals and the Paris Climate Agreement.