The UNEP Principles for Responsibles Banking were launched on 22 and 23 September 2019 in New York City during the annual United Nations General Assembly. The Principles were signed by 130 banks from 49 countries.
The goal of the principles is to help any bank to align its business strategy with society’s goals as expressed in the Sustainable Development Goals (SDGs) and the Paris Climate Agreement. They provide the framework for a sustainable banking system.
Banks are required to set and publish targets in line with society’s goals, as expressed in the SDGs, the Paris Climate Agreement and relevant national frameworks, in the areas where they have the most significant positive and negative impact.
The Principles require banks to be transparent and accountable. Banks are required to report publicly on their positive and negative impacts, their contribution to society’s goals and their progress in implementing the Principles, and to engage with key stakeholders on their impacts.
The 6 principles are:
Alignment: to align business strategy to be consistent with and contribute to individuals’needs and society’s goals, as expressed in the Sustainable Development Goals, the Paris Climate Agreement and relevant national and regional frameworks.
Impact and Target Setting: to increase continuously the positive impacts while reducing the negative impacts on, and managing the risks to, people and environment resulting from our activities, products and services. To this end, to publish targets where one can have the most significant impacts.
Clients and Customers: to work responsibly with the clients and customers to encourage sustainable practices and enable economic activities that create shared prosperity for current and future générations.
Stakeholders: to consult, engage and partner proactively and responsibly with relevant stakeholders to achive society’s goals.
Governance and Culture: To implement the commitment to these principles through effective governance and a culture of responsible banking.
Transparency and Accountability: To review periodically individual and collective implementation of these Principles and be transparent about and accountable for positive and negative impacts and contribution to society’s goals.
