POSTED September 24, 2019
Banks pledge to support Sustainable Development Goals
Financial institutions work with United Nations to create a better balance with their social and environmental impact
In a historic initiative, 130 banks, representing 50 countries, have pledged to the United Nations to balance their social and environmental impact, thereby better aligning with the global Sustainable Development Goals.
Today, representatives signed the new Principles for Responsible Banking initiative between the financial institutions and the United Nations. The banks that have signed on represent about one-third of the world’s banking industry and collectively manage about $47 trillion.
“If the financial industry is going to be fit for financing sustainable development, the banks need to be on board,” Eric Usher, head of the United Nations Environment Programme Finance Initiative, was quoted as saying by Devex.
The six principles that govern the new initiative include alignment, impact and target-setting, clients and customers, stakeholders, governance and culture, transparency and accountability. They were co-created during an 18-month period by banks, the United Nations Environment Programme Finance Initiative and various stakeholders, including civil society.
Christian Children’s Fund of Canada works with partners around the world to promote the Sustainable Development Goals, created to make a better future for all by addressing global challenges, such as poverty, inequality and more.
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