A coalition of 26 banks from around the world are developing Principles for Responsible Banking, which will seek to align the banking sector with the Paris Agreement and the UN Sustainable Development Goals (SDGs) and are expected to be launched for public consultation in November.

The new principles will be in line with the existing Principles for Responsible Investment (PRI) and Principles for Sustainable Insurance (PSI) – voluntary principles that provide signatories with a list of practices they can adopt to incorporate ESG issues into their business decisions.

Promotion

The UN Environment Programme Finance Initiative (UNEP FI) announced yesterday (Tuesday) morning that it has convened 26 of its bank members from five continents to lead the initiative, which, it said, will set a global benchmark for sustainable banking and enable banks worldwide to “reaffirm their purpose and align their business practices” with the objectives of the SDGs and the Paris Agreement.