A forthcoming set of industry-created principles for sustainable banking is being endorsed by more than 50 global banks from around the world.
The United Nations’ Environment Programme Finance Initiative (UNEP FI) announced on Wednesday that a group of 28 “founding” banks, and another 27 “endorsing” banks are lining up behind a set of principles for responsible banking that are slated to be released in September. At this point, none of the big Canadian banks is among them.
The principles, which are being developed by the banking industry, aim to provide guidance for banks to integrate sustainability throughout their businesses. They are due to be launched at the UN General Assembly’s annual meeting on Sept. 22.
“In an era of increased expectations for banks to support and meet the sustainability goals and standards set by their customers, clients, investors and society-at-large, these principles define what it means to be a ‘responsible bank,’” the UNEP FI said.
The deadline for providing comment on the principles is May 31.
“The Principles for Responsible Banking are about achieving large-scale progress rather than small-scale innovation,” UNEP FI head Eric Usher said in a statement.
“We are working with all banks, regardless of their current negative or positive sustainability impacts, to truly transform the global banking industry into one that is both meeting society’s sustainability needs and driving progress on society’s sustainability goals – today and into the future,” he added.