The Principles Set the Global Benchmark for Defining a Responsible Bank
EY becomes a signatory of the United Nations Principles of Responsible Banking (the Principles), becoming a stakeholder endorser and the first professional services organization to join the 160+ signatories in support of this effort. The Principles were developed and launched in September 2019 and facilitated by the United Nations Environment Programme Finance Initiative (UNEP FI). The Principles are strategically aligned with the Paris Climate Agreement and the Sustainable Development Goals and designed to provide a framework for a sustainable banking system.
Policymakers, regulatory authorities and industry organizations are seeking to advance sustainable development goals across the financial services ecosystem. There is industry-wide recognition that sustainability programs will benefit individuals, businesses and society. As such, the banking industry is increasingly making commitments to implement best practices that encourage responsible banking for employees and investors alike.
The six Principles provide a road map for the banking industry to embed sustainability at the strategic, portfolio and transactional levels and across all business areas. Working with banking clients around the world and a supporter of sustainability and financial inclusion, the EY organization is well placed to support banks’ efforts in meeting the key tenants of the Principles including target setting, transparency and accountability.
Jan Bellens, EY Global Banking & Capital Markets Sector Leader, says:
“Financial institutions are at the center of sustainability and EY teams remain dedicated to providing clients with the appropriate framework to seamlessly incorporate sustainability into everything they do. Organizations adopting these Principles successfully will be positioned to drive long-term value and growth in the market while making a positive contribution to society.”
In addition, EY recently announced plans to be carbon neutral by the end of 2020, by both reducing and offsetting its carbon emissions. The commitment reflects the focus toward becoming a more sustainable organization by improving environmental performance and driving long-term, sustainable growth.