|Date joined:||21 August, 2019|
|Initiatives:||Principles for Responsible Banking|
OP Financial Group is Finland’s largest financial services group whose mission is to promote the sustainable prosperity, security and wellbeing of its owner-customers and the surrounding society. OP Financial Group consists of 153 member cooperative banks, its central cooperative OP Cooperative, and the latter’s subsidiaries and affiliates. The Group has a staff of 12,000 and 1.95 million owner-customers.
Summary of sustainability strategy
Corporate responsibility (CR) is an integral part of OP’s business and strategy. Supported by its customer-owned business model, CR is based on our mission and values. OP’s CR actions and targets are guided and coordinated by the Group’s Corporate Responsibility Programme. It aims to be a forerunner in corporate responsibility in the financial sector. For the Group, corporate responsibility comes down to tangible actions. It fosters a sustainable economy and supports financial literacy. Program and themes contain more detailed measures and KPIs e.g. target to be carbon positive by 2025.
OP also promotes the Sustainable Development Action Plan and Sustainable Development Goals (SDGs) agreed by UN Member States in 2015.
Why did the bank join UNEP FI as a member?
OP´s target is to be a forerunner in Corporate Responsibility and develop sector´s contribution to sustainable development in societies. OP recognises its role as one of the largest financiers in Finland and take this responsibility seriously. OP wants to support its customers in transitioning to a climate-friendly economy. OP’s clients and investors are interested in responsible financing, green finance, green loans and green bonds. From a bank’s perspective, responsible investments and financial activities mean taking CR into account and incorporating it into all investment and financing decisions as well as prioritising investments that are sustainable from the perspective of the environment and climate.
“Combatting climate change and advancing the UN Sustainable Development Goals requires cooperation on many levels. OP calls the financial sector to work together in order to achieve stronger positive impact,” Timo Ritakallio, President and Group Executive Chair, OP Financial Group