The COVID-19 pandemic changed lives overnight and plunged global economies into crises. It shone a spotlight on how dependent our societal and economic health is on the health of our planet and how far we still have to go to build resilient and sustainable societies and economies.
As the world recovers, sustainable finance has the potential to play a transformative role in shaping financing that builds back better—and we see momentum increasing demonstrated by new UNEP FI initiatives and the growth in UNEP FI’s membership. We continue to work with our members to equip them with the tools to play their part in a green recovery and put sustainability at the heart of their business. Find out more about the successes over the last year and a half in our 2019/2020 Overview.
Jacki Johnson
Co-Chair, UNEP FI Global Steering Committee
Antoni Ballabriga
Co-Chair, UNEP FI Global Steering Committee
Eric Usher
Head, UNEP FI
More than 200 signatories collectively driving action
In September 2019, 130 banks signed the UN’s Principles for Responsible Banking, the first global sustainability framework for the banking industry. By December 2020, the coalition had reached 200 signatories across 58 countries and six continents, collectively representing 1.7 billion customers and USD 54 trillion in assets. That’s more than 40% of the global banking sector.
implementing the TCFD recommendations for banks, insurers and investors
The Task Force on Climate-related Financial Disclosures (TCFD) Phase II banking pilot built on the success of the initial programme by developing a climate risk toolkit to help banks implement the latest recommendations from the TCFD and regulatory guidance. UNEP FI engaged 39 global institutions across six continents in a year-long pilot focused on three main pillars in exploring physical and transition risks: climate scenarios, assessment methodologies, and governance and disclosure.
UNEP FI’s Positive Impact Initiative (PII) works with finance sector representatives and other stakeholder groups to mainstream impact analysis and help financial institutions ensure their business helps finance the Sustainable Development Goals (SDGs). In April 2020, it launched two new tools for corporates and banks to step up their contribution towards the achievement of the 17 goals.
from a legal case to regulatory clarification
A joint four-year programme together with the Principles for Responsible Investment (PRI) and The Generation Foundation, Fiduciary Duty in the 21st Century concluded in October 2019 with a final report summarizing progress towards a modern interpretation of fiduciary duty–one that includes consideration of environmental, social and governance (ESG) issues at global and country level.
implications for insurers, regulators and supervisors
In November 2019, UN Environment Programme, supported by UNEP FI and signatories to the Principles for Sustainable Insurance, launched the first global insurance industry study on managing the risks associated with plastic pollution, marine plastic litter and microplastics.
Major UNEP FI events included the launch of the UN Principles for Responsible Banking in 2019 as well as Regional Roundtables in Europe, Latin America, Asia and North America, culminating in the largest ever UNEP FI Global Roundtable, held virtually in 2020.
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“We need regulators, customers, NGOs and the finance industry itself to address the slow movers—who will find themselves with stranded assets and toxic portfolios if they do not ride the wave of change that is coming."
Access to a powerful platform for sharing knowledge with sustainable finance practitioners around the globe, as well as learning about the latest trends and best practice.
Annual Overview
07/2019–12/2020
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