Banking sector pledges support for Principles for Responsible Banking

UK Finance will be pledging its support for the UN Environment Programme Finance Initiative’s Principles for Responsible Banking at the UN General Assembly in New York.

The six Principles set out how the banking industry can play a leading role in achieving the development goals and climate targets set out by the UN.

The Principles align banks with society’s goals as expressed in the SDGs and the Paris Climate Agreement, setting a global benchmark on responsible banking and provide actionable guidance on how to achieve this. The Finance Initiative’s Principles reflect the concept of social purpose and the need for businesses and society to view addressing the growing threat of climate change and sustainability as an imperative.

The pledge comes in parallel to the requirement that banks make ‘non-financial reporting’ placing an emphasis on longer-term drivers of value in company reporting.

Commenting, Stephen Jones, CEO of UK Finance said: “Environmental risk and opportunity is beginning to reshape the way we look at business planning and economic growth. A broad base of stakeholder interests, from regulators to investors, employees and customers are increasingly challenging the banking and finance to find more innovative and sustainable ways in which to operate.”

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