Working together to achieve positive change
“It’s a wonderful thing to work together on a common goal.”
– Floske Kusse, Co-Lead Collective Commitment to Climate Action, ING, Netherlands
From the outset, the Principles for Responsible Banking have been a collective effort. The work of creating them drew on the global banking community, as well as on the insight of several civil society groups.
Bringing banks together
“Whether you’re big or whether you’re small, you still have an impact on the society you work in and the environment that you interact with.”
– Nehru Pillay, Co-Lead Peer Learning/Collective Progress Working Groups, Land Bank, South Africa
Establishing peer-to-peer relationships has meant achieving new levels of transparency within the banking community. Banks at different stages of the journey are brought together in a coalition in which those who are further ahead can support those who are just getting going.
Civil Advisory Body
The progression of the unique Civil Society Advisory Body has been an important element of the work done in year 1. The Body will act as a robust, independent mechanism for accountability and collaboration. It will be a critical way to ensure that the Principles deliver the collective progress they promise.
During the first year, emphasis has been on generating a shared approach to measuring impact. A key part of demonstrating collective progress will be the robust and consistent methodology for measuring and reporting individual and collective impact the signatory banks are working together to create.
This work is emerging from one of the eleven working groups across six topic areas that have been set up. Signatory banks have stepped up to chair and drive these groups. They cover communication and knowledge sharing, impact analysis, target setting, reporting and assurance, engaging with clients and peer learning, and monitoring and evaluation.
Collective Commitment on Climate Action
The Collective Commitment on Climate Action is the most ambitious collective action on climate in the banking industry. It requires all those who sign up to align with limiting global warming to well-below 2 degrees Celsius in all aspects of their business. It was launched by 38 signatory banks and continues to gain momentum and attract more supporters from the community.